   Chapter 6, Problem 6WNG

Chapter
Section
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 