Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to calculate its labor force statistics. Following information is extracted from a database maintained by the country's ministry of labor: Total population 24,512,311 Military personnel 98,539 People below 16 years of age 4,240,102 People in elderly care centers 1,232,130 People who didn't look for job in last 4 weeks 831,304 House wives whose sole activity is home-making 3,424,204 Volunteers 313,200 Self-employed people 3,423,042 People who are jobless, actively looking for a job, and available for work 2,234,100 Calculate the unemployment rate and the labor force of New Zombie. Show your calculation. To calculate the unemployment rate you have to use the formula: Unemployment rate = # of unemployed ÷ labor force × 100%
Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to calculate its labor force statistics. Following information is extracted from a database maintained by the country's ministry of labor: Total population 24,512,311 Military personnel 98,539 People below 16 years of age 4,240,102 People in elderly care centers 1,232,130 People who didn't look for job in last 4 weeks 831,304 House wives whose sole activity is home-making 3,424,204 Volunteers 313,200 Self-employed people 3,423,042 People who are jobless, actively looking for a job, and available for work 2,234,100 Calculate the unemployment rate and the labor force of New Zombie. Show your calculation. To calculate the unemployment rate you have to use the formula: Unemployment rate = # of unemployed ÷ labor force × 100%
Chapter11: Gross Domestic Product
Section: Chapter Questions
Problem 14SQ
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- Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to calculate its labor force statistics. Following information is extracted from a database maintained by the country's ministry of labor:
Total population |
24,512,311 |
Military personnel |
98,539 |
People below 16 years of age |
4,240,102 |
People in elderly care centers |
1,232,130 |
People who didn't look for job in last 4 weeks |
831,304 |
House wives whose sole activity is home-making |
3,424,204 |
Volunteers |
313,200 |
Self-employed people |
3,423,042 |
People who are jobless, actively looking for a job, and available for work |
2,234,100
|
Calculate the
To calculate the unemployment rate you have to use the formula:
Unemployment rate = # of unemployed ÷ labor force × 100%
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