### Labor Force and Unemployment Rate CalculationAssume the following data for a country:| **Category** | **Number of People, Millions** ||----------------------------------------------------|--------------------------------|| Total population | 500 || Population under 16 years of age or institutionalized | 120 || Not in labor force | 140 || Unemployed | 24 || Part-time workers looking for full-time jobs | 10 |### Instructions:**Enter your answers as whole numbers.**a. What is the size of the labor force? ____ million.b. What is the official unemployment rate? ____ percent.### Detailed ExplanationTo answer the questions, we need to calculate the following:#### a. Size of the Labor ForceThe labor force includes all people who are either employed or actively seeking employment.* Total population - Not in labor force - Population under 16 years of age or institutionalized* Total labor force = 500 million - 140 million - 120 million * Total labor force = 240 million#### b. Official Unemployment RateThe unemployment rate is the percentage of the labor force that is unemployed and actively seeking employment.* Unemployment rate = (Number of unemployed / Labor force) * 100* Unemployment rate = (24 million / 240 million) * 100* Unemployment rate = 10% By entering these values, one can determine the labor force size and the unemployment rate for the country:* Labor Force size: 240 million* Official Unemployment Rate: 10 percent.

Given that, Total population: 500 million Institutionalised: 120 million Not in labour force: 140…

the following data for a country: Category ulation n under 16 years of age or institutionalized por force yed workers looking for full-time jobs ions: Enter your answers as whole numbers. is the size of the labor force? million. is the official unemployment rate? Number of People, Millions 500 120 140 24 10 percent.

the following data for a country: Category ulation n under 16 years of age or institutionalized por force yed workers looking for full-time jobs ions: Enter your answers as whole numbers. is the size of the labor force? million. is the official unemployment rate? Number of People, Millions 500 120 140 24 10 percent.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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