The following is a report from a BLS survey taker: There were 95 people in the houses I visited 22 of them were children under the age of 16, 25 people had full-time jobs, and 11 had port-time jobs. There were 10 retirees, 5 full-time homemakers, 10 full-time students over age 16, and 3 people who were disabled and cannot work. The remaining people did not have jobs, but all said they would ike one Six of these people had not looked actively for work for three months, however Find the labor force, the unempioyment rate, and the participation rate implied by the survey taker's report Labor force 39 people Instructions: Enter your responses rounded to two decimal places Unemployment rate: 7.69 Participation rate: 61.90
The following is a report from a BLS survey taker: There were 95 people in the houses I visited 22 of them were children under the age of 16, 25 people had full-time jobs, and 11 had port-time jobs. There were 10 retirees, 5 full-time homemakers, 10 full-time students over age 16, and 3 people who were disabled and cannot work. The remaining people did not have jobs, but all said they would ike one Six of these people had not looked actively for work for three months, however Find the labor force, the unempioyment rate, and the participation rate implied by the survey taker's report Labor force 39 people Instructions: Enter your responses rounded to two decimal places Unemployment rate: 7.69 Participation rate: 61.90
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:The following is a report from a BLS survey taker:
There were 95 people in the houses I visited 22 of them were children under the age of 16, 25 people had full-time jobs, and 11 had
port-time jobs. There were 10 retirees, 5 full-time homemakers, 10 full-time students over age 16, and 3 people who were disabled and
cannot work. The remaining people did not have jobs, but all said they would like one Six of these people had not looked actively for
work for three months, however.
Find the labor force, the unempioyment rate, and the participation rate implied by the survey taker's report
Labor force.
39
people
Instructions: Enter your responses rounded to two decimal places
Unemployment rate.
7.69
Participation rate:
61 90
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education