Number unemployed 1,000,000 1,500,000 2,50 a. Define labor force. For each year find the labor force b. Define the labor-force participation rate. Calculate it for each year c. Calculate the unemployment rate for each year.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Question 3
The table below gives some labor statistics (from the Bureau of Labor Statistics) for
years
1995, 2000 and 2005. Use these data to answer the following questions. Express your
answers in percentage terms to two places past the decimal.
Variable
1995
2000
2005
Population
26,000,000
27,000,000
28,000,000
Adult population
18,000,000
19,000,000
20,500,000
Adult population able to
work
17,900,000
18,800,000
20,000,000
Adult population able
and wanting to work
15,700,000
16,500,000
18,000,000
Number employed
14,000,000
14,500,000
15,000,000
Number unemployed
1,000,000
1,500,000
2,500,000
a. Define labor force. For each year find the labor force
b. Define the labor-force participation rate. Calculate it for each year
c. Calculate the unemployment rate for each year.
Transcribed Image Text:Question 3 The table below gives some labor statistics (from the Bureau of Labor Statistics) for years 1995, 2000 and 2005. Use these data to answer the following questions. Express your answers in percentage terms to two places past the decimal. Variable 1995 2000 2005 Population 26,000,000 27,000,000 28,000,000 Adult population 18,000,000 19,000,000 20,500,000 Adult population able to work 17,900,000 18,800,000 20,000,000 Adult population able and wanting to work 15,700,000 16,500,000 18,000,000 Number employed 14,000,000 14,500,000 15,000,000 Number unemployed 1,000,000 1,500,000 2,500,000 a. Define labor force. For each year find the labor force b. Define the labor-force participation rate. Calculate it for each year c. Calculate the unemployment rate for each year.
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