8,670 2,180 armed forces. a. What is the size of the U.S. labor force? b. What is the unemployment rate the BLS announces? What is employment rate? c. What is the U.S. civilian population? d. What is the labor force participation rate the BLS announces?
8,670 2,180 armed forces. a. What is the size of the U.S. labor force? b. What is the unemployment rate the BLS announces? What is employment rate? c. What is the U.S. civilian population? d. What is the labor force participation rate the BLS announces?
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter21: Unemployment
Section: Chapter Questions
Problem 45P: A country with a population of eight million adults has five million employed, 500,000 unemployed,...
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Transcribed Image Text:Suppose the Bureau of Labor Statistics interviews 196,700 people in its
monthly survey; 94,500 are not in the labor force, 91,150 are employed,
8,870 are unemployed, and 2,180 are in the armed forces.
a. What is the size of the U.S. labor force?
b. What is the unemployment rate the BLS announces? What is the
employment rate?
c. What is the U.S. civilian population?
d. What is the labor force participation rate the BLS announces?
e. Search the historical data of the U.S. unemployment rate and the labor
force participation rate. How are the rates you calculated compared to the
U.S. historical data since the 1950s?
Expert Solution
Step 1
Labor force is the sum of employed and unemployed people in a country.
In the given data, there are 91,150 persons are employed in US.
Also, 8870 persons are unemployed in US.
And 2180 persons are employed in the armed forces.
Hence the size of labor force can be obtained by adding these figures.
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