(b) Study the given table and answer the following questions.YearLabor forceEmployment20172018201920202021(thousand)63506850704272417441(thousand)57906290668669267148(a) Calculate the unemployment rate for years 2017 to 2021.(b) What is the percentage of growth in the number of labor force between the year 2017 and 2021?

Unemployed = Labor force - Employment Unemployment rate = Unemployment / labor force

Year Labor force Employment (thousand) 6350 6850 7042 7241 7441 (thousand) 5790 6290 6686 6926 2017 2018 2019 2020 2021 7148 (a) Calculate the unemployment rate for years 2017 to 2021. (b) What is the percentage of growth in the number of labor force between the year 2017 and 2021?

Year Labor force Employment (thousand) 6350 6850 7042 7241 7441 (thousand) 5790 6290 6686 6926 2017 2018 2019 2020 2021 7148 (a) Calculate the unemployment rate for years 2017 to 2021. (b) What is the percentage of growth in the number of labor force between the year 2017 and 2021?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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