Question 1: A small country with an adult population of 2.5 million has 1.2 million employed and 100,000 unemployed, and the rest of the adult population is out of the labor force. Calculate the following indicators and show your work. Also circle your answer. A. Labor force participation rate= B. Unemployment rate= C. If the number of unemployed persons changed to 130,000, calculate the percentage change in unemployed people.
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The labor force is the sum of employed and unemployed people. In this case, we have 0.2 million employed and 0.1 million (100,000) unemployed. Labor force = Employed + Unemployed Labor force = 0.2 million + 0.1 million Labor force = 0.3 million Now, we can Show more…
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