The Data of unemployment is given Below: * Unemployment popculation is 5.5 million * Participation rate is 65% * Working-age popculation is 40 million + You are asked to find a) Labor Force? b) Unemployment rate ? c) Employed popculation ?

The Data of unemployment is given Below: * Unemployment popculation is 5.5 million * Participation rate is 65% * Working-age popculation is 40 million + You are asked to find a) Labor Force? b) Unemployment rate ? c) Employed popculation ?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment

Section: Chapter Questions

Problem 6WNG

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Question

1.The Data of unemployment is given Below:

* Unemployment popculation is 5.5 million

* Participation rate is 65%

* Working-age popculation is 40 million

+ You are asked to find

a) Labor Force?

b) Unemployment rate ?

c) Employed popculation ?

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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