ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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This question explores the calculation of the unemployment rate. You will be
provided some imperfect employment data for four different countries and asked to
identify the unemployment rate.
Task 1: The population of Asartaland is 95. Of these 95 individuals, 75 are in the
labor force and 65 are employed. What is the unemployment rate in Asartaland?
Task 2: The population of Millsville is 130. Of these 130 individuals, 90 are in the
labor force and 20 are unemployed. What is the unemployment rate in Millsville?
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Transcribed Image Text:This question explores the calculation of the unemployment rate. You will be provided some imperfect employment data for four different countries and asked to identify the unemployment rate. Task 1: The population of Asartaland is 95. Of these 95 individuals, 75 are in the labor force and 65 are employed. What is the unemployment rate in Asartaland? Task 2: The population of Millsville is 130. Of these 130 individuals, 90 are in the labor force and 20 are unemployed. What is the unemployment rate in Millsville?
Expert Solution
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Step 1

Labor force is the addition of total number of employed person and total number of unemployed person. 

i.e. 

Labor force = Number of employed person + Number of unemployed person

Unemployment rate = Number of unemployed personLabor force×100

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