State A has a total population of 10 million, of which 70 percent are adults (civilian noninstitutional population aged 16 and over). 20 percent of the adult population is not looking for a job, 60 percent of the remaining adult population is employed, and 40 percent of the remaining adult population is not employed but available for work and tried to find employment during the previous four weeks. (a) What is the labor-force for this state? (b) What is the labor-force participation rate? (c) What is the unemployment rate? (d) Can the unemployment rate change if there is no change in the number of adults without a job looking for one? Explain
State A has a total population of 10 million, of which 70 percent are adults (civilian noninstitutional population aged 16 and over). 20 percent of the adult population is not looking for a job, 60 percent of the remaining adult population is employed, and 40 percent of the remaining adult population is not employed but available for work and tried to find employment during the previous four weeks. (a) What is the labor-force for this state? (b) What is the labor-force participation rate? (c) What is the unemployment rate? (d) Can the unemployment rate change if there is no change in the number of adults without a job looking for one? Explain
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter15: Income Inequality And Poverty
Section: Chapter Questions
Problem 7CQ
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