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? What is the labor force participation rate? What is the unemployment rate?

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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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
Number of people
Employed
5905
Unemployed
492
Not in the labor force
571
What is the total labor force?
What is the labor force participation rate?
%
What is the unemployment rate?
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?
What is the new labor force participation rate?
What is the new 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 Number of people Employed 5905 Unemployed 492 Not in the labor force 571 What is the total labor force? What is the labor force participation rate? % What is the unemployment rate? 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? What is the new labor force participation rate? What is the new unemployment rate? %
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