Use the following data to calculate the size of the labor force and the official unemployment rate: total population, 500; population under 16 years of age, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. Labor Force: Blank 1 Unemployment Rate: Blank 2%

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
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 7CQ
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Use the following data to calculate the size of the labor
force and the official unemployment rate: total population,
500; population under 16 years of age, 120; not in labor
force, 150; unemployed, 23; part-time workers looking for
full-time jobs, 10.
Labor Force: Blank 1
Unemployment Rate: Blank 2%
Transcribed Image Text:Use the following data to calculate the size of the labor force and the official unemployment rate: total population, 500; population under 16 years of age, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. Labor Force: Blank 1 Unemployment Rate: Blank 2%
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