The table below shows labor data for a country named Zhouland. Answer the following questions:Age (years)Have a full time jobHave a part time jobDon't have a job but are looking for oneDon't have a job and are not looking for oneTotal<10 15015010-15 13513516-2012030758030521-302050252011531-5080100554027551-7025050150100550>70604030170300[a] What is the size of the labor force in the above economy? [b] Calculate the unemployment rate for this economy - up to 2 decimal points. [c] Calculate the employment rate for this economy - up to 2 decimal points. [d] Calculate the labor force participation rate for this economy - up to 2 decimal points.

Unemployment rate is defined because the percentage of total labor pool that's unemployed, but is…

Answered: The table below shows labor data for a…

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 11RQ: If you an? out of school but working part time, are you considered employed or unemployed in U.S....

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The table below shows labor data for a country named Zhouland. Answer the following questions:

Age (years)	Have a full time job	Have a part time job	Don't have a job but are looking for one	Don't have a job and are not looking for one	Total
<10				150	150
10-15				135	135
16-20	120	30	75	80	305
21-30	20	50	25	20	115
31-50	80	100	55	40	275
51-70	250	50	150	100	550
>70	60	40	30	170	300

[a] What is the size of the labor force in the above economy?

[b] Calculate the unemployment rate for this economy - up to 2 decimal points.

[c] Calculate the employment rate for this economy - up to 2 decimal points.

[d] Calculate the labor force participation rate for this economy - up to 2 decimal points.

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