Assume we have 200 people in our economy of working age. 120 of them have jobs 20 have been out of work for less than a week and are searching and have reasonable hopes of obtaining a new job. 25 have given up looking for work 10 are in prison 2 are in a mental institution 3 are in the military 20 people have no intension of working 1. How many people are unemployed? 2. What is the unemployment rate? 3. What is the labor force participation rate?
Added by Melissa M.
Step 1
The unemployed people are those who are actively looking for work. So, the number of unemployed people is 20 (those who have been out of work for less than a week and are searching). Show more…
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