### Understanding the Labor ForceThe number of people classified as employed is 390,000 and the number of people classified as unemployed is 70,000. The size of the labor force:- ○ equals 320,000.- ○ equals 390,000.- ○ equals 480,000.- ○ equals 460,000.### Explanation of Choices:The size of the labor force is the sum of the employed and unemployed persons.1. **Choice A: 320,000** - Incorrect. This number is less than the number of employed individuals alone.2. **Choice B: 390,000** - Incorrect. This number represents only those who are employed.3. **Choice C: 480,000** - Correct. The labor force is the total of employed and unemployed individuals: - 390,000 (employed) + 70,000 (unemployed) = 460,0004. **Choice D: 460,000** - Correct. This correctly calculates the labor force as the sum of employed (390,000) and unemployed (70,000) individuals. - 390,000 (employed) + 70,000 (unemployed) = 460,000When thinking about labor force calculations, remember it includes both employed and unemployed persons actively seeking work. Therefore, the sum in this instance gives us the accurate size of the labor force: 460,000. This concept is crucial for understanding the overall employment dynamics and economic health of a population.

Labor force is the combination of people who are employed and the unemployed who are actively…

The number of people classified as employed is 390,000 and the number of people classified as unemployed is 70,000. The size of the labor force equals 320,000. equals 390,000. equals 480,000. equals 460,000.

The number of people classified as employed is 390,000 and the number of people classified as unemployed is 70,000. The size of the labor force equals 320,000. equals 390,000. equals 480,000. equals 460,000.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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