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
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
Related questions
Question
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc