Assume you have the following information about an economy:Labor Force of an EconomyNumber of People (millions)|245.30Population over age 16Labor force154.80Not in the labor force90.50Employed146.00Unemployed8.80Instructions: Round your answers to 2 decimal places.a. What is the unemployment rate in this economy?b. What is the labor force participation rate?c. Suppose that 0.9 million currently unemployed workers decide to no longer actively look for work. What is the unemployment rate inthis economy now?d. Whát is the new labor force participation rate?< Prev7 of 10曲Next >

Answered: Assume you have the following…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume you have the following information about an economy:
Labor Force of an Economy
Number of People (millions)
|245.30
Population over age 16
Labor force
154.80
Not in the labor force
90.50
Employed
146.00
Unemployed
8.80
Instructions: Round your answers to 2 decimal places.
a. What is the unemployment rate in this economy?
b. What is the labor force participation rate?
c. Suppose that 0.9 million currently unemployed workers decide to no longer actively look for work. What is the unemployment rate in
this economy now?
d. Whát is the new labor force participation rate?
< Prev
7 of 10
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Next >

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