BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

Solutions

Chapter
Section
BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Using the following data, compute (a) the unemployment rate, (b) the employment rate, and (c) the labor force participation rate:

Civilian noninstitutional population 200 million
Number of employed persons 126 million
Number of unemployed persons 8 million

(a)

To determine

The rate of unemployment.

Explanation

Given the Civilian no-institutional population is 200 million, the number of employed people is 126 million and the number of unemployed people is 8 million.

The Civilian labor force can be calculated as the sum of employed people and unemployed people. The Civilian labor force can be calculated using Equation (1) as follows:

Civilian labor force=(Number of employed people+Number of unemployed people) (1)

The Civilian labor force can be calculated by substituting the respective values in Equation (1) as follows:

Civilian labor force=126+8=134

Thus, the Civilian labor force is 134 million

(b)

To determine

The rate of employment.

(c)

To determine

The labor force participation rate.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

What is a marketing plan, and what are its major components?

Foundations of Business (MindTap Course List)

BOND RETURNS Last year Joan purchased a 51,000 face value corporate bond with an 11% annual coupon rate and a 1...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)