The table below shows employment and population data for the nation of Westland. Working-age Population 3,000,000 # People Employed 1,500,000 Participation Rate 80% Based on the data provided in the table above, calculate the following values: Size of the Labor Force Unemployment Rate

The table below shows employment and population data for the nation of Westland. Working-age Population 3,000,000 # People Employed 1,500,000 Participation Rate 80% Based on the data provided in the table above, calculate the following values: Size of the Labor Force Unemployment Rate

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment

Section: Chapter Questions

Problem 6WNG

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Question

The table below shows employment and population data for the nation of Westland.

Working-age Population	3,000,000
# People Employed	1,500,000
Participation Rate	80%

Based on the data provided in the table above, calculate the following values:

Unemployment Rate
Size of the Labor Force

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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