Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 28 - Part IX - Unemployment - Problems and Applications - Page 605: 1

Answer

a) 244,662,000 b) 155,654,000 c) 63.62% d) 7.92%

Work Step by Step

143,322,000 employed 12,332,000 unemployed 89,008,000 not in labor force We want the population, labor force, labor force participation rate, and the unemployment rate. Adult population = employed + unemployed + not in labor force $A = 143322000+ 12332000+ 89008000$ $A = 244662000$ Labor force = employed + unemployed $L = 143322000+ 12332000$ $L = 155654000$ Labor force participation rate = labor force / population *100 $F = 155654000/244662000*100$ $F = 155654/244662 * 100$ $F = .6362 * 100$ $F = 63.62$% Unemployment rate = unemployed / labor force * 100 $UE = 12332000/155654000 * 100$ $UE = .079227 * 100$ $UE = 7.92$%
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