Suppose the following data describe a nation's population: Population Labor force Unemployment rate Year 1: Year 1 400 million 230 million 6 percent Instructions: Round your responses to one decimal place. a. How many people are unemployed in each year? million million b. How many people are employed in each year? Year 1: million Year 2: Year 2: Year 2 410 million 240 million 4.5 percent million

Suppose the following data describe a nation's population: Population Labor force Unemployment rate Year 1: Year 1 400 million 230 million 6 percent Instructions: Round your responses to one decimal place. a. How many people are unemployed in each year? million million b. How many people are employed in each year? Year 1: million Year 2: Year 2: Year 2 410 million 240 million 4.5 percent million

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 1SCQ: Suppose the adult population over the age of 16 is 237.8 million and the labor force is 153.9...

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Suppose the adult population over the age of 16 is 237.8 million and the labor force is 153.9 million (of whom 139.1 million are employed). How many people are not in the labor force? What are the proportions of employed, unemployed and nut in the labor force in the population? Hint: Proportions ate percentages.
A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest 0f the adult population is out of the labor force. Whats the unemployment rate? What share of population is in the labor force? Sketch a pie chart that divides the adult population into these three groups.
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