Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 22, Problem 1SPA
(a)
To determine
Identify the
(a)
Expert Solution
Explanation of Solution
The unemployment rate can be calculated using the formula given below:
The labor force is the sum of the unemployed group and the employed group. Therefore, since the total labor force is 160 million and the employment is 152 million, the number of people unemployed is 8 million
Substitute the values in Eqution-1 to get the value of unemployment rate as follows:
Thus, the unemployment rate is 5%.
Economics Concept Introduction
Unemployment rate: The unemployment rate indicates the percentage of population that is without jobs but actively seeking employment.
(b)
To determine
Identify the labor force participation rate.
(b)
Expert Solution
Explanation of Solution
Since the working age population is 254 million and the labor force is 160 million, the labor force participation rate can be calculated as follows:
Thus, the labor force participation rate is around 63%.
Economics Concept Introduction
Labor force participation rate: The labor force participation rate indicates the percentage of the population that is in the labor force.
(c)
To determine
Identify the employment-to-population rate.
(c)
Expert Solution
Explanation of Solution
Since the working age population is 254 million and the number of people employed is 152 million, the employment-to-population rate can be calculated as follows:
Thus, the employment-to-population rate is 59.8%.
Economics Concept Introduction
Employment-to-population ratio: The employment-to-population ratio indicates employment as a percentage of working age population.
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Chapter 22 Solutions
Macroeconomics
Ch. 22.1 - Prob. 1RQCh. 22.1 - Prob. 2RQCh. 22.1 - Prob. 3RQCh. 22.1 - Prob. 4RQCh. 22.1 - Prob. 5RQCh. 22.2 - Prob. 1RQCh. 22.2 - Prob. 2RQCh. 22.2 - Prob. 3RQCh. 22.2 - Prob. 4RQCh. 22.2 - Prob. 5RQ
Ch. 22.2 - Prob. 6RQCh. 22.2 - Prob. 7RQCh. 22.3 - Prob. 1RQCh. 22.3 - Prob. 2RQCh. 22.3 - Prob. 3RQCh. 22.3 - Prob. 4RQCh. 22.3 - Prob. 5RQCh. 22.3 - Prob. 6RQCh. 22 - Prob. 1SPACh. 22 - Prob. 2SPACh. 22 - Prob. 3SPACh. 22 - Prob. 4SPACh. 22 - Prob. 5SPACh. 22 - Prob. 6SPACh. 22 - Prob. 7SPACh. 22 - Prob. 8SPACh. 22 - Prob. 9SPACh. 22 - Prob. 10SPACh. 22 - Prob. 11SPACh. 22 - Prob. 12APACh. 22 - Prob. 13APACh. 22 - Prob. 14APACh. 22 - Prob. 15APACh. 22 - Prob. 16APACh. 22 - Prob. 17APACh. 22 - Prob. 18APACh. 22 - Prob. 19APACh. 22 - Prob. 20APACh. 22 - Prob. 21APACh. 22 - Prob. 22APACh. 22 - Prob. 23APACh. 22 - Prob. 24APACh. 22 - Prob. 25APACh. 22 - Prob. 26APACh. 22 - Prob. 27APACh. 22 - Prob. 28APACh. 22 - Prob. 29APA
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