Use the table data below about this economy to answer the questions that follow regarding employment/unemployment. Show all calculations. Group Number in Millions Relevant population ?? Not in labor force 85 Labor force 245 Employed ?? Unemployed 25 25

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Use the table data below about this economy to answer the questions that follow regarding
employment/unemployment. Show all calculations.
Number in Millions
Group
Relevant population ??
Not in labor force 85
Labor force
245
Employed
??
Unemployed
25
25
1. What is the relevant population in this economy?
1. How many people are employed in this economy?
1. Calculate the unemployment rate.
Transcribed Image Text:Use the table data below about this economy to answer the questions that follow regarding employment/unemployment. Show all calculations. Number in Millions Group Relevant population ?? Not in labor force 85 Labor force 245 Employed ?? Unemployed 25 25 1. What is the relevant population in this economy? 1. How many people are employed in this economy? 1. Calculate the unemployment rate.
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