The table shows employment statistics for a fictional country. Use the information to answer the questions. Round your percentages to two decimal places. Category Employed Unemployed Not in the labor force What is the total labor force? Number of people 4905 492 591 What is the labor force participation rate? What is the unemployment rate? % %

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The table shows employment statistics for a fictional country. Use the information to answer the questions. Round your
percentages to two decimal places.
Category
Employed
Unemployed
Not in the labor force
What is the total labor force?
Number of people
4905
492
591
What is the labor force participation rate?
What is the unemployment rate?
%
%
Transcribed Image Text:The table shows employment statistics for a fictional country. Use the information to answer the questions. Round your percentages to two decimal places. Category Employed Unemployed Not in the labor force What is the total labor force? Number of people 4905 492 591 What is the labor force participation rate? What is the unemployment rate? % %
Suppose 256 of the 492 unemployed people have been
unemployed for so long that they stop looking for work.
What is the new labor force?
What is the new labor force participation rate?
What is the new unemployment rate?
%
%
Transcribed Image Text:Suppose 256 of the 492 unemployed people have been unemployed for so long that they stop looking for work. What is the new labor force? What is the new labor force participation rate? What is the new unemployment rate? % %
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Employment is when people are employed in full-time or part-time roles, and are able to earn income as a result. Unemployment is when people are out of work, either due to a lack of available jobs, or because they cannot find full-time work. People who are unemployed may experience negative effects since they are unable to get employment and cannot earn any money. Because unemployment can lead to more poverty and slower economic growth, it can also have wider economic implications.

 

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