QUIZ 3 MACROECONOMICS
1. The BLS reported the following data for 2010:
Labor force 150 million
Employment: 140 million
Working-age population: 250 million
Calculate the
a. Unemployment rate
b. Labor force participation rate
c. Employment-to-population ratio
2. In July 2014, in the economy of Sandy Island, 15,000 people were employed, 1,000 were
unemployed, and 5,000 were not in the labor force. During August 2014, 100 people lost their
jobs and didn't look for new ones, 50 people quit their jobs and retired, 150 unemployed people
were hired, 50 people quit the labor force, and 30 people entered the labor force to look for
work. Calculate for July 2014
a. The unemployment rate
b. The employment-to-population ratio.
Calculate for the end of August:
c. The number of people unemployed
d. The number of people employed
e. The unemployment rate