Hi,I need help solving Part 5 of this Macroeconomics question (outlined in red).The feedback given with my incorrect response was: "The answer you entered for the new labor force participation rate is not correct. How are discouraged workers taken into account in the labor force participation rate? Remember to multiply by 100 in order to obtain the percentage." The table shows employment statistics for a fictional country. Use the information to answer the questions. Round yourpercentages to two decimal places.CategoryNumber of peopleEmployed5905Unemployed492Not in the labor force571What is the total labor force?6397What is the labor force participation rate?91.80What is the unemployment rate?7.69Suppose 246 of the 492 unemployed people have beenunemployed for so long that they stop looking for work.What is the new labor force?6151What is the new labor force participation rate?91.50IncorrectWhat is the new unemployment rate?3.99of

People who are working or a have are considered employed. People who are looking for a job and are…

Answered: The table shows employment statistics…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Hi,

I need help solving Part 5 of this Macroeconomics question (outlined in red).

The feedback given with my incorrect response was: "The answer you entered for the new labor force participation rate is not correct. How are discouraged workers taken into account in the labor force participation rate? Remember to multiply by 100 in order to obtain the percentage."

The table shows employment statistics for a fictional country. Use the information to answer the questions. Round your
percentages to two decimal places.
Category
Number of people
Employed
5905
Unemployed
492
Not in the labor force
571
What is the total labor force?
6397
What is the labor force participation rate?
91.80
What is the unemployment rate?
7.69
Suppose 246 of the 492 unemployed people have been
unemployed for so long that they stop looking for work.
What is the new labor force?
6151
What is the new labor force participation rate?
91.50
Incorrect
What is the new unemployment rate?
3.99
of

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