Total population 20,000 Working-age population 15,000 Employment 1,000 Unemployment 100 6.) Refer to table above. The labor force participation rate for this simple economy equals __7.3______.

Total population 20,000 Working-age population 15,000 Employment 1,000 Unemployment 100 6.) Refer to table above. The labor force participation rate for this simple economy equals 7.3____.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter7: Unemployment And Inflation

Section: Chapter Questions

Problem 1E

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Question

Total population	20,000
Working-age population	15,000
Employment	1,000
Unemployment	100

6.) Refer to table above. The labor force participation rate for this simple economy equals __7.3______.

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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