Unemploymen)in millionsTotal Noninstitutionalized, civilian working-age285populationPeople incapable of working45People not looking for work50Employed workers178Use the information in the table above to calculatea. The unemployment rate. (show your calculations and explain)b. The labor-force participation rate (show your calculations and explain)

Unemployment: It is an economic situation referring to all those individuals who are willing and…

Enemploymen) in millions Total Noninstitutionalized, civilian working-age population 285 45 People incapable of working 50 People not looking for work 178 Employed workers Use the information in the table above to calculate a. The unemployment rate. (show your calculations and explain)

Enemploymen) in millions Total Noninstitutionalized, civilian working-age population 285 45 People incapable of working 50 People not looking for work 178 Employed workers Use the information in the table above to calculate a. The unemployment rate. (show your calculations and explain)

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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Question

Unemploymen)
in millions
Total Noninstitutionalized, civilian working-age
285
population
People incapable of working
45
People not looking for work
50
Employed workers
178
Use the information in the table above to calculate
a. The unemployment rate. (show your calculations and explain)
b. The labor-force participation rate (show your calculations and explain)

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