1. The table below shows the labor data for an imaginary economy of Kiwiland for the year 2018. The economy of Kiwiland had an overall population of 500 million in that year. Employed People 350 Million Unemployed People 60 Million People Not in the Labor Force 50 Million Hint: There is a difference between the adult population and the overall population. Based on this information, calculate: • The labor force • The unemployment rate, and • Labor force participation rate

1. The table below shows the labor data for an imaginary economy of Kiwiland for the year 2018. The economy of Kiwiland had an overall population of 500 million in that year. Employed People 350 Million Unemployed People 60 Million People Not in the Labor Force 50 Million Hint: There is a difference between the adult population and the overall population. Based on this information, calculate: • The labor force • The unemployment rate, and • Labor force participation rate

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter10: Unemployment

Section: Chapter Questions

Problem 1QR

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