The working-age population is 24,500,000. Of these, 18,000,000 people had jobs. Of the remainder, 2,500,000 were looking for work, the others did not want to work or were not in the working age category. Calculate the following statistics to two decimal places: a. The labour force. b. The labour force participation rate. c. The unemployment rate

Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Taking The Nation's Economic Pulse
Section: Chapter Questions
Problem 8CQ
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The working-age population is 24,500,000. Of these, 18,000,000 people had jobs. Of the
remainder, 2,500,000 were looking for work, the others did not want to work or were not in the
working age category. Calculate the following statistics to two decimal places:
a. The labour force.
b. The labour force participation rate.
c. The unemployment rate

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