Use the data presented in the following scenario to answer the questions that follow. labor force participation rate = # in labor force / # working age population * 100 unemployment rate = # unemployed / # in labor force * 100 The population of the country Econostan is 500,000 people, with 100,000 children, 50,000 elderly, and 350,000 working age people (assume no elderly people want to work). In 2016 225,000 people in Econostan had a paying job and 50,000 people didn’t have a job but were actively looking for one. In 2017 220,000 people in Econostan had a paying job and 30,000 people didn’t have a job but were actively looking for one. What was the labor force participation rate in Econostan in 2016? What was the unemployment rate in Econostan in 2016? What was the labor force participation rate in Econostan in 2017? What was the unemployment rate in Econostan in 2017?
Use the data presented in the following scenario to answer the questions that follow.
labor force participation rate = # in labor force / # working age population * 100
The population of the country Econostan is 500,000 people, with 100,000 children, 50,000 elderly, and 350,000 working age people (assume no elderly people want to work). In 2016 225,000 people in Econostan had a paying job and 50,000 people didn’t have a job but were actively looking for one. In 2017 220,000 people in Econostan had a paying job and 30,000 people didn’t have a job but were actively looking for one.
What was the labor force participation rate in Econostan in 2016?
What was the unemployment rate in Econostan in 2016?
What was the labor force participation rate in Econostan in 2017?
What was the unemployment rate in Econostan in 2017?
Describe what changes are happening in Econostan from 2016 to 2017. Is the labor market in Econostan improving?
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