Use the following data to calculate the unemployment rate. and answer the questions belowtotal adult population = 256,436persons under 16 = 75,126total U.S. population = 332,568# people working= 162,128retirees = 85,745total labor force = 172,476discouraged workers = 15,546part-time employed = 23,8541. What is the unemployment rate?2. Calculate an alternative measure of unemployment by counting discouraged workers as unemployed and counting part time employed as 1/2 employed and 1/2 unemployed.3. Discuss under what conditions in the labor market it might be more accurate to use one method versus the other.

Labor force refers to the total population which is composed of the employed and unemployed with the…

Use the following data to calculate the unemployment rate, and answer the questions below total adult population = 256,436 persons under 16 = 75,126 total U.S. population = 332,568 # people working = 162,128 retirees = 85,745 total labor force = 172,476 discouraged workers = 15,546 part-time employed = 23,854 4 1. What is the unemployment rate? 2. Calculate an alternative measure of unemployment by counting discouraged workers as unemployed and counting part time employed as 1/2 employed and 1/2 unemployed. 3. Discuss under what conditions in the labor market it might be more accurate to use one method versus the other.

Use the following data to calculate the unemployment rate, and answer the questions below total adult population = 256,436 persons under 16 = 75,126 total U.S. population = 332,568 # people working = 162,128 retirees = 85,745 total labor force = 172,476 discouraged workers = 15,546 part-time employed = 23,854 4 1. What is the unemployment rate? 2. Calculate an alternative measure of unemployment by counting discouraged workers as unemployed and counting part time employed as 1/2 employed and 1/2 unemployed. 3. Discuss under what conditions in the labor market it might be more accurate to use one method versus the other.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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