Assume the following data for a country:Number ofCategory|People (Millions)Total populationPopulation under 16500years ofageor institutionalized120Not in labor force160UnemployedPart-time workers looking for full-time jobs1110What is the size of the labor force?millionWhat is the official unemployment rate?

The ‘unemployment’ of an economy is the part of the population which is actively finding jobs and…

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What is the size of the labor force? million What is the official unemployment rate? %

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

Assume the following data for a country:
Number of
Category
|People (Millions)
Total population
Population under 16
500
years of
age
or institutionalized
120
Not in labor force
160
Unemployed
Part-time workers looking for full-time jobs
11
10
What is the size of the labor force?
million
What is the official unemployment rate?

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