Given the figure attached below, calculate for the labor participation rate and unemployment rate. Out of labor forceEmployed(148,297 thousand)(92,898 thousand)Unemployed(8,705 thousand)

The unemployment rate measures the fraction of the total labor force that is not employed. The total…

Answered: Given the figure attached below,…

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Given the figure attached below, calculate for the labor participation rate and unemployment rate.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter18: Income Distribution And Poverty

Section: Chapter Questions

Problem 6QFR

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Question

Given the figure attached below, calculate for the labor participation rate and unemployment rate.

Out of labor force
Employed
(148,297 thousand)
(92,898 thousand)
Unemployed
(8,705 thousand)

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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987,156 Currently Working 23,000 volunteer workers 9845 (ages 13-14) looking for work 12,000 (ages 15) looking for work 45,600 Part-Time workers 56 family workers who worked 15 hours a week 234 Self-Employed 6543 discouraged workers 67,432 (ages 23-25) looking for work 67,890 laid off receptionists looking for work 544,321 (ages 16-20) looking for work Current population is 6,000,000 5654 Temp Workers 5000 armed forces 543 recent university graduates that are going back to graduate school 3500 institutionalized a. Using the following data calculate: (i) The Labour Force Participation rate. (ii) The “official” unemployment rate.
987,156 Currently Working 23,000 volunteer workers 9845 (ages 13-14) looking for work 12,000 (ages 15) looking for work 45,600 Part-Time workers 56 family workers who worked 15 hours a week 234 Self-Employed 6543 discouraged workers 67,432 (ages 23-25) looking for work 67,890 laid off receptionists looking for work 544,321 (ages 16-20) looking for work Current population is 6,000,000 5654 Temp Workers 5000 armed forces 543 recent university graduates that are going back to graduate school 3500 institutionalized a. Using the following data calculate: (i) The number of persons employed. (ii) The number of persons unemployed. (iii) The labour force. (iv) The Labour Force Participation rate. (v) The “official” unemployment rate.
Given the data below: Total adult population over the age of 16 249.9 million Employed 148.3 million Unemployed 8.7 million Calculate the size of the labor force in millions
if the labor force is 250,000 and the total population 16 years of age or older is 300,000, the labor force participation rate is ?
Number of adults 15,000 Number of adults who are paid employees 8,000 Number of adults who work in their own business 200 Number of adults who are unpaid workers in a family member's business 800 Number of adults who were temporarily absent from their jobs due to illness 300 Number of adults who were waiting to be recalled to a job from which they had been previously laid off 100 Number of adults who do not have a job, are available for work, and have tried to find a job within the past four weeks 900 Number of adults who do not have a job, are available for work, but have not tried to find a job within the past four weeks 400 Number of adults who are full-time students 1,600 Number of adults who are homemakers or retirees 2,500 Refer to the table. What was Lazonia's unemployment rate in 2015? 9.7% 6% 6.6% 8.8%
Calculate Labor Force Participation Rate Total Population: 500,270,378 Homemakers: 12,874,567 Retired: 42,687,155 Labor Force: 425,314,672 Under the Age of 16: 17,322,654 Discouraged Workers: 37,678,228 Employed: 399,482,365 Underemployed: 14,977,312
The Woodland Republic’s Population Secretariat published the following information in 2021: Total population: 30 million Labor force: 80% of the total population Employed population: 21.5 million Calculate the total unemployed population.
Age Employed (Thousands of People) Unemployed (Thousands of People) Not in Labor Force (Thousands of People) 16 to 19 years 5,074 827 10,853 20 to 24 years 14,132 1,127 6,137 25 to 54 years 98,833 3,850 23,014 55 to 64 years 26,064 835 14,792 65 years and over 9,234 343 39,964 Total 153,337 6,982 94,759 1) What is the national Unemployment rate? 2) Complete the following table by computing the unemployment rate for each age group. Age Unemployment Rate 16 to 19 years 20 to 24 years 25 to 54 years 55 to 64 years 65 years and over 3) Which of the following groups has an unemployment rate lower than the national average unemployment rate?
Calculate the employment rate Total Population: 500,270,378 Homemakers: 12,874,567 Retired: 42,687,155 Labor Force: 425,314,672 Under the Age of 16: 17,322,654 Discouraged Workers: 37,678,228 Employed: 399,482,365 Underemployed: 14,977,312
Workers with weak attachment to the labour force is called: Inactive job seekers Discouraged workers Underemployed workers Self-account workers Marginal workers
Which one of these individuals is a part of the eligible population, but NOT part of the labor force? Select one: a. A 19 years old who is working part time in a beauty salon b. A 22 years old who is looking for a job after graduating from college but cannot find one c. A 33 years old who stays at home to take care of his kids d. A 42 years old who works in jail after committing grand larceny e. A 75 years who is still working full time as an attorney
Which individual is out of the labor force? John is without a job, is able to work, but is not actively looking for work. Matthew is working 40 hours per week. Mary is without a job, is able to work, and is actively looking for work. Emily is working 6 hours per week.