(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?

Macroeconomics: Principles and Policy (MindTap Course List)

13th Edition

ISBN:9781305280601

Author:William J. Baumol, Alan S. Blinder

Publisher:William J. Baumol, Alan S. Blinder

Chapter6: How Statisticians Measure Inflation

Section6.A: How Statisticians Measure Inflation

Problem 5TY

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