In 2019, there were 10,000 people employed, 1,000 people unemployed, and 1,500 people not in the labor force. In 202 0, the following events occurred: 300 people who were looking were hired, 400 people were fired from their jobs and only half started looking for a new job, 100 people quit their jobs and did not look for new, 300 people who were not working decided to start looking, 450 people retired, and 200 people who were looking decided to stop looking due to lack of success. What is the labor force participation rate in 2020? Round to one decimal place.

In 2019, there were 10,000 people employed, 1,000 people unemployed, and 1,500 people not in the labor force. In 202 0, the following events occurred: 300 people who were looking were hired, 400 people were fired from their jobs and only half started looking for a new job, 100 people quit their jobs and did not look for new, 300 people who were not working decided to start looking, 450 people retired, and 200 people who were looking decided to stop looking due to lack of success. What is the labor force participation rate in 2020? Round to one decimal place.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Unemployment

Section: Chapter Questions

Problem 1PA

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