labor force participation rate = # in labor force / # working age population * 100 unemployment rate = # unemployed / # in labor force * 100 The population of the country Econostan is 500,000 people, with 100,000 children, 50,000 elderly, and 350,000 working age people (assume no elderly people want to work). In 2016, 225,000 people in Econostan had a paying job and 50,000 people didn’t have a job but were actively looking for one. In 2017, 220,000 people in Econostan had a paying job and 30,000 people didn’t have a job but were actively looking for one. Question: What was the labor force participation rate in Econostan the unemployment rate in Econostan in 2016 and 2017 ?

labor force participation rate = # in labor force / # working age population * 100 unemployment rate = # unemployed / # in labor force * 100 The population of the country Econostan is 500,000 people, with 100,000 children, 50,000 elderly, and 350,000 working age people (assume no elderly people want to work). In 2016, 225,000 people in Econostan had a paying job and 50,000 people didn’t have a job but were actively looking for one. In 2017, 220,000 people in Econostan had a paying job and 30,000 people didn’t have a job but were actively looking for one. Question: What was the labor force participation rate in Econostan the unemployment rate in Econostan in 2016 and 2017 ?

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 14SQ

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