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If a contry has a noninstitutional population of 200 million and a labor force of 160 million and 140 million people were employed what is its labor force participation rate and unemployment rate?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

If a contry has a noninstitutional population of 200 million and a labor force of 160 million and 140 million people were employed what is its labor force participation rate and unemployment rate?

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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