Consider the following labour market data. Adult Population 150 Not in Labour Force 50 Unemployed 30 Calculate the number of employed, the labour force, the percentage of people not in the labour force, the rate of unemployment, and the labour force participation rate.

Consider the following labour market data. Adult Population 150 Not in Labour Force 50 Unemployed 30 Calculate the number of employed, the labour force, the percentage of people not in the labour force, the rate of unemployment, and the labour 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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Question

1) Consider the following labour market data.
Adult Population 150
Not in Labour Force 50
Unemployed 30
Calculate the number of employed, the labour force, the percentage of people not in the labour force, the rate of
unemployment, and the labour force participation rate.

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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