You are given the following information on an imaginary economy of their adult population. Number of people who are employed 60,000 Number of people who are unemployed 5,000 Number of people who are not in the labor force 9,000 Based on the above information calculate the following for this economy; . Unemplovment rate
You are given the following information on an imaginary economy of their adult population. Number of people who are employed 60,000 Number of people who are unemployed 5,000 Number of people who are not in the labor force 9,000 Based on the above information calculate the following for this economy; . Unemplovment rate
Chapter1: Making Economics Decisions
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![You are given the following information on an imaginary economy of their adult population.
Number of people who are employed 60,000
Number of people who are unemployed 5,000
Number of people who are not in the labor force 9,000
Based on the above information calculate the following for this economy;
Unemployment rate
• Labor Force Participation Rate
Note: Make sure to show steps.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0c825965-404c-4975-8ae8-ddb8db7c1dcf%2F3090d146-eae2-46b2-9089-a830f435a0c4%2Fzz3u1ey_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You are given the following information on an imaginary economy of their adult population.
Number of people who are employed 60,000
Number of people who are unemployed 5,000
Number of people who are not in the labor force 9,000
Based on the above information calculate the following for this economy;
Unemployment rate
• Labor Force Participation Rate
Note: Make sure to show steps.
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