Assume the following data for a country: Number of People, Millions Category Total population Population under 16 years of age or institutionalized 500 120 Not in the labor force 140 Unemployed Part-time workers looking for full-time jobs 12 10 Instructions: Enter your answers as a whole number. a. What is the size of the labor force? million b. What is the official unemployment rate? percent
Assume the following data for a country: Number of People, Millions Category Total population Population under 16 years of age or institutionalized 500 120 Not in the labor force 140 Unemployed Part-time workers looking for full-time jobs 12 10 Instructions: Enter your answers as a whole number. a. What is the size of the labor force? million b. What is the official unemployment rate? percent
Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment
Section: Chapter Questions
Problem 7WNG
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The ‘unemployment’ of an economy is the part of the population which is actively finding jobs and eligible for it but unable to get one.
The labor force of an economy is the part of the population who are adults and are either working or eligible for jobs and finding jobs. The labor force also includes the unemployed and partly employed.
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