Unemployment QuestionThe small country of Macroland has a population of 100,000 people over the age of 18 and under 65. Thereare 50,000 people under the age of 18, and 20,000 people over the age of 65. The number of people betweenages of 18 and 65 that are looking for jobs is 20,000, and the number that have jobs is 50,000. Using thisinformation, answer the following questions. Show your work. These are numbers for the month of January.a.What is the labor force of Macroland for people between the ages of 18 and 65 in January?b.What is the unemployment rate of Macroland for people between the ages of 18 and 65 in January?с.What is the labor force participation rate of Macroland for people between the ages of 18 and 65in January?Now assume there were some changes in February. Of the people between the ages of 18 and 65 inMacroland, about 2000 who were looking for work now dropped out of the labor market, and stop lookingfor work. In addition, 8000 people who were previously unemployed in January got jobs in February.However, 3000 who had jobs in January lost their jobs, and all of them qualify for unemploymentinsurance and are looking for work. Using this information, answer the following questions. Show5IIyour work.LACLA DV T Dubliching...

Labor force = Employed + Unemployed Unemployment rate = [Unemployed / Labor force] * 100 Labor force…

Unemployment Question The small country of Macroland has a population of 100,000 people over the age of 18 and under 65. There are 50,000 people under the age of 18, and 20,000 people over the age of 65. The number of people between ages of 18 and 65 that are looking for jobs is 20,000, and the number that have jobs is 50,000. Using this information, answer the following questions. Show your work. These are numbers for the month of January. а. What is the labor force of Macroland for people between the ages of 18 and 65 in January? b. What is the unemployment rate of Macroland for people between the ages of 18 and 65 in January? What is the labor force participation rate of Macroland for people between the ages of 18 and 65 in January? с.

Unemployment Question The small country of Macroland has a population of 100,000 people over the age of 18 and under 65. There are 50,000 people under the age of 18, and 20,000 people over the age of 65. The number of people between ages of 18 and 65 that are looking for jobs is 20,000, and the number that have jobs is 50,000. Using this information, answer the following questions. Show your work. These are numbers for the month of January. а. What is the labor force of Macroland for people between the ages of 18 and 65 in January? b. What is the unemployment rate of Macroland for people between the ages of 18 and 65 in January? What is the labor force participation rate of Macroland for people between the ages of 18 and 65 in January? с.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter1: Introduction: What This Book Is About

Section: Chapter Questions

Problem 1.6IP

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