Assume the following data for a country:Number ofCategory|People (Millions)Total populationPopulation under 16500years ofageor institutionalized120Not in labor force160UnemployedPart-time workers looking for full-time jobs1110What is the size of the labor force?millionWhat is the official unemployment rate?

The ‘unemployment’ of an economy is the part of the population which is actively finding jobs and…

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What is the size of the labor force? million What is the official unemployment rate? %

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 45P: A country with a population of eight million adults has five million employed, 500,000 unemployed,...

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