Question content area Part 1 Suppose you are given the following information: Labour force 205.8 million Nonadult population 50.1 million Employed adults 193.5 million Institutionalized adults 3 million Noninstitutionalized adults not in labour force 37.2 million Part 2 a. What is the total population? The total population is enter your response here million. (Enter your response rounded to one decimal place.) Part 3 b. How many people are unemployed, and what is the unemployment rate? The total number of unemployed people is enter your response here million. (Enter your response rounded to one decimal place.) Part 4 The unemployment rate is enter your response here%. (Enter your response as a percentage rounded to two decimal places.) Part 5 c. What is the labour force participation rate? The labour force participation rate is enter your response here%. (Enter your response as a percentage rounded to one decimal place.)
Added by Raul G.
Step 1
To find the total population, we need to add the nonadult population to the total number of adults. The total number of adults is the sum of employed adults, institutionalized adults, and noninstitutionalized adults not in the labour force. Total adults = Employed Show more…
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Anand J.
3. The table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment: 3% Natural rate of unemployment: 4% Population of the country: 125 million Number of people employed: 97 million Number of people unemployed: 3 million Number of people employed part time: 5 million Number of discouraged workers: 2 million a. Calculate the size of the labor force. b. Calculate the labor force participation rate. Show your work. c. Given the state of the economy described in the table, is actual real output less than, greater than, or equal to potential real output? Explain. d. Calculate what the cyclical unemployment rate would be if the actual rate of unemployment increased to 5 percent. Show your work. e. Suppose discouraged workers reenter the labor force and find employment. Will the actual rate of unemployment increase, decrease, or stay the same?
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