Question

3. (24 points) Suppose there are 15,000 people on North Island. 3000 of these people are children under the age of 16, 7800 people have jobs, 700 people do not have jobs but are looking for work, 300 people do not have jobs and but have given up looking for work, and 1800 people are retired. a. What is the labor force of North Island? b. What is the unemployment rate of North Island? c. What is the labor force participation rate of North Island? d. How many discouraged workers are there in North Island? e. If 100 unemployed people become frustrated and stop looking for work, what is the new unemployment rate for North Island?

          3. (24 points) Suppose there are 15,000 people on North Island. 3000 of these
people are children under the age of 16, 7800 people have jobs, 700 people do
not have jobs but are looking for work, 300 people do not have jobs and but have
given up looking for work, and 1800 people are retired.
a. What is the labor force of North Island?
b. What is the unemployment rate of North Island?
c. What is the labor force participation rate of North Island?
d. How many discouraged workers are there in North Island?
e. If 100 unemployed people become frustrated and stop looking for work,
what is the new unemployment rate for North Island?

3. (24 points) Suppose there are 15,000 people on North Island. 3000 of these
people are children under the age of 16, 7800 people have jobs, 700 people do
not have jobs but are looking for work, 300 people do not have jobs and but have
given up looking for work, and 1800 people are retired.
a. What is the labor force of North Island?
b. What is the unemployment rate of North Island?
c. What is the labor force participation rate of North Island?
d. How many discouraged workers are there in North Island?
e. If 100 unemployed people become frustrated and stop looking for work,
what is the new unemployment rate for North Island?

Added by Juan J.

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