The table shows employment statistics for a fictional country. Use the information to answer the questions.
The table shows employment statistics for a fictional country. Use the information to answer the questions. Round your percentages to two decimal places.
What is the total labor force?
What is the labor force participation mate?
What is the unemployment rate?
Suppose 286 of the 462 unemployed people have been unemployed for so long that they stop looking for work.
What is the new labor force?
What is the new labor force participation rate?
What is the new unemployment rate?
Homework Answers
Ans:
1)
Total labor force = employed + unemployed
= 4905 + 462
= 5367
2)
Labor force participation rate = (Labor force / Adult population) * 100
= (5367 / (4905 + 462 + 591)) * 100
= (5367 / 5958) * 100
= 90.10%
3)
Unemployment rate = (unemployed / Labor force) * 100
= (462 / 5367) * 100
= 8.61%
4)
New labor force = employed + (unemployed - discouraged)
= 4905 + (462 - 286)
= 4905 + 176
= 5081
5)
New labor force participation rate = (5081 / 5958) * 100
= 85.28%
6)
New unemployment rate = (176 / 5081) * 100
= 3.46%
Add Answer to:
The table shows employment statistics for a fictional country. Use the information to answer the questions.
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