Suppose that the unemployment rate is 6%, the total working-age population is 25 million, and the number of unemployed is 0.9 million. Determine: 1. The size of the labor force. 2. The number of employed workers. 3. The Employment-Population rate. 4. The participation rate.

Suppose that the unemployment rate is 6%, the total working-age population is 25 million, and the number of unemployed is 0.9 million. Determine: 1. The size of the labor force. 2. The number of employed workers. 3. The Employment-Population rate. 4. The participation rate.

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Economic Fluctuations, Unemployment, And Inflation

Section: Chapter Questions

Problem 7CQ

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Question

Suppose that the unemployment rate is 6%, the total working-age population is 25 million, and
the number of unemployed is 0.9 million. Determine:
1. The size of the labor force.
2. The number of employed workers.
3. The Employment-Population rate.
4. The participation rate.

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