Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 2P
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Question
The table shows employment statistics for a fictional country. Use the information to answer the questions. Round your percentages to two decimal places.
Category | Number of people |
---|---|
Employed | 5505 |
Unemployed | 452 |
Not in the labor force | 571 |
What is the total labor force?
What is the labor force participation rate?
%
What is the unemployment rate?
%
Suppose 246 of the 452 unemployed people have been unemployed for so long that they stop looking for work.
What is the new labor force?
What is the new labor force participation rate?
%
What is the new unemployment rate?
%
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