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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

In June 2009, at the trough of the Great Recession, the Bureau of Labor Statistics announced that of all adult Americans, 140,196,000 were employed, 14,729,000 were unemployed, and 80,729,000 were not in the labor force. Use this information to calculate:

a. the adult population

b. the labor force

c. the labor-force participation rate

d. the unemployment rate

Sub part (a):

To determine

Calculation of adult population.

Explanation

Adult population can be calculated by using the following formula:

Adult population=[Number of employed+Number of unemployed+Number of people those who are not in labor force

Sub part (b):

To determine

Calculation of labor force.

Sub part (c):

To determine

Calculation of labor force participation rate.

Sub part (d):

To determine

Calculation of unemployment rate.

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