Suppose the following data describe a nation’s population: Year 1 Year 2 Population 200 million 204 million Labor force 120 million 123 million Unemployment rate 6 percent 6 percent (a) How many people are unemployed in each year? (b) How many people are employed in each year? (c) Compute the labor force participation rate in each year.
Added by Jennifer R.
Step 1
- The unemployment rate is given as a percentage of the labor force that is not employed. To find the number of unemployed people, we use the formula: \[ \text{Number of Unemployed} = \text{Unemployment Rate} \times \text{Labor Force} \] For Year 1: - Show more…
Show all steps
Your feedback will help us improve your experience
Jaya M and 76 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Suppose the following data describe a nation's population: Population Labor force Unemployment rate 320 million 150 million 6 percent 330 million 160 million 6 percent Instructions: a. How many people are unemployed in each year? Year 1: million Year 2: million b. How many people are employed in each year? Year 1: million Year 2: million
Akash M.
Suppose the following data describe a nation's population: Year 1: Population: 500 million Labor force: 270 million Unemployment rate: 4.5 percent Year 2: Population: 520 million Labor force: 280 million Unemployment rate: 6 percent Instructions: Enter your responses rounded to one decimal place. a. How many people are unemployed in each year? Year 1: million Year 2: million b. How many people are employed in each year? Year 1: million Year 2: million
Using the following data, compute a) the unemployment rate, b) the employment rate, c) the labor force participation rate. civilian non-institutional population = 200 million number of employed persons = 126 million number of unemployed person = 8 million
Haricharan G.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD