In July 2009, in the economy of Sandy Island, 10,000 people were employed, 1,000 were unemployed, and 5,000 were not in the labor force. During August 2009, 80 people lost their jobs and didn’t look for new ones, 20 people quit their jobs and retired, 150 unemployed people were hired, 50 people quit the labor force, and 40 people entered the labor force to look for work. Calculate for July 2009 Calculate for July 2009: The unemployment rate. The employment-to-population ratio. Calculate for end of August 2009: The number of people employed. The number of people unemployed.
In July 2009, in the economy of Sandy Island, 10,000 people were employed, 1,000 were unemployed, and 5,000 were not in the labor force. During August 2009, 80 people lost their jobs and didn’t look for new ones, 20 people quit their jobs and retired, 150 unemployed people were hired, 50 people quit the labor force, and 40 people entered the labor force to look for work. Calculate for July 2009 Calculate for July 2009: The unemployment rate. The employment-to-population ratio. Calculate for end of August 2009: The number of people employed. The number of people unemployed.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In July 2009, in the economy of Sandy Island, 10,000 people were employed, 1,000 were unemployed, and 5,000 were not in the labor force. During August 2009, 80 people lost their jobs and didn’t look for new ones, 20 people quit their jobs and retired, 150 unemployed people were hired, 50 people quit the labor force, and 40 people entered the labor force to look for work. Calculate for July 2009
- Calculate for July 2009:
- The
unemployment rate. - The employment-to-population ratio.
Calculate for end of August 2009:
- The number of people employed.
- The number of people unemployed.
The unemployment rate.
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