5505 Unemployed 452 Not in the labor force 571 What is the total labor force?     What is the labor force participation rate?

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 2P
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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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