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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

A country with a population of eight million adults has five million employed, Chapter 21, Problem 45P, A country with a population of eight million adults has five million employed, unemployed, and the unemployed, and the rest 0f the adult population is out of the labor force. What’s the unemployment rate? What share of population is in the labor force? Sketch a pie chart that divides the adult population into these three groups.

To determine

The unemployment rate, labour force’s share of population is to be determined and to sketch a pie-chart depicting the total population, employed, unemployed people and labour force.

Explanation

  UR = U / LF×100   

Where,

UR = Unemployment Rate

U = Total Number of unemployed persons

LF = Total Number of persons in Labor Force

According to the question,

   LF = Total population  ( Employed + Unemployed)      = 8,000,000  ( 5,000,000 + 500,000)      = 2,500,000 

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