We are given the following information for UWI Land. At the start of the period, there are 334,250 employed workers, 15,750 unemployed and 150,000 not in the labour force. During the period 500 workers lost their jobs but are current looking for a new one; 1000 employed workers decided to retire; 2500 were unemployed but just started a new job. C the workers not in the labour force 5,000 workers entered the labour force but are still looking for a job and 21,000 workers just found a job. • How many workers are employed? • How many workers are unemployed? • How many workers were in the labour force?
We are given the following information for UWI Land. At the start of the period, there are 334,250 employed workers, 15,750 unemployed and 150,000 not in the labour force. During the period 500 workers lost their jobs but are current looking for a new one; 1000 employed workers decided to retire; 2500 were unemployed but just started a new job. C the workers not in the labour force 5,000 workers entered the labour force but are still looking for a job and 21,000 workers just found a job. • How many workers are employed? • How many workers are unemployed? • How many workers were in the labour force?
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 2P
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Transcribed Image Text:We are given the following information for UWI Land. At the start of the period, there are 334,250 employed workers,
15,750 unemployed and 150,000 not in the labour force. During the period 500 workers lost their jobs but are currently
looking for a new one; 1000 employed workers decided to retire; 2500 were unemployed but just started a new job. Of
the workers not in the labour force 5,000 workers entered the labour force but are still looking for a job and 21,000
workers just found a job.
• How many workers are employed?
• How many workers are unemployed?
• How many workers were in the labour force?
• How many workers are not in the labour force?
• Calculate the unemployment rate. %
• Calculate the labour force participation rate.
• Calculate the employment to population ratio. (using 1 decimal place)
%
%
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