Homework Answers
(a)
Calculate labor force -
Labor force = People having full time jobs + People having part time jobs + People having no jobs but are actively looking for job in last 4 weeks
Labor force = 25 people + 5 people + 2 people
Labor force = 32 people
The labor force is 32 people.
(b)
Labor force = 32 people
Unemployed = 2 people
Calculate the unemployment rate -
Unemployment rate = [Unemployed/Labor force] * 100 = [2/32] * 100 = 6.25%
The unemployment rate is 6.25%.
(c)
Working-age population = Total number of people - Children under 16 - Retirees
Working-age population = 65 people - 10 people - 10 people = 45 people
Labor force = 32 people
Calculate the participation rate -
Participation rate = [Labor force/Working-age population] * 100
Participation rate = [32/45] * 100 = 71.11%
The participation rate is 71.11%
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