A simple economy consists of the following statistics: Voluntary unemployed 8 million; involuntary unemployed 4 million; numbered employed 22 million. Total population over 18, 75 million; Child Labour 9 million; discouraged workers 2 million, seasonally unemployed 3 million, youth unemployment 5 million, housewives 22 million, students 5 million. Determine: Size of the Labour force size Unemployment rate Labour force participation rate
A simple economy consists of the following statistics: Voluntary unemployed 8 million; involuntary unemployed 4 million; numbered employed 22 million. Total population over 18, 75 million; Child Labour 9 million; discouraged workers 2 million, seasonally unemployed 3 million, youth unemployment 5 million, housewives 22 million, students 5 million. Determine: Size of the Labour force size Unemployment rate Labour force participation rate
Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment
Section: Chapter Questions
Problem 7WNG
Related questions
Question
A simple economy consists of the following statistics:
Voluntary unemployed 8 million; involuntary unemployed 4 million; numbered employed 22 million. Total population over 18, 75 million; Child Labour 9 million; discouraged workers 2 million, seasonally unemployed 3 million, youth
Determine:
- Size of the Labour force size
- Unemployment rate
- Labour force participation rate
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning