We are given the following information for UWI Land. At the start of the period, there are 334,250 employec workers, 15,750 unemployed and 150,000 not in the labour force. During the period 500 workers lost their jobs but are currently looking for a new one; 1000 employed workers decided to retire; 2500 were unemployed but just started a new job. Of the workers not in the labour force 5,000 workers entered the labour force but are still looking for a job and 21,000 workers just found a job. ● ● • How many workers are employed? How many workers are unemployed? How many workers were in the labour force? How many workers are not in the labour force? • Calculate the unemployment rate. %
We are given the following information for UWI Land. At the start of the period, there are 334,250 employec workers, 15,750 unemployed and 150,000 not in the labour force. During the period 500 workers lost their jobs but are currently looking for a new one; 1000 employed workers decided to retire; 2500 were unemployed but just started a new job. Of the workers not in the labour force 5,000 workers entered the labour force but are still looking for a job and 21,000 workers just found a job. ● ● • How many workers are employed? How many workers are unemployed? How many workers were in the labour force? How many workers are not in the labour force? • Calculate the unemployment rate. %
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
100%
Please answer the first three sub parts
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
how many workers are not in the labor force
Solution
by Bartleby Expert
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education