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ECON 122 Class activity Base on the above table calculate: a. b. Total labor force in each year. The unemployment rate for ea
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Answer #1

A person is said to be unemployed if he/she is not working but looking for a job.

If a person is not working and also not looking for a job, then that person is not considered as unemployed and not included in the labor force.

Year 2018

Labor force = employed + unemployed

Labor force = 80 million + 8 million

Labor force = 88 million

Unemployment rate = (unemployed / labor force)*100

Unemployment rate = (8 million / 88 million) * 100

Unemployment rate = 9.09%

Year 2019

Labor force = employed + unemployed

Labor force = 130 million + 10 million

Labor force = 140 million

Unemployment rate = (unemployed / labor force)*100

Unemployment rate = (10 million / 140 million) * 100

Unemployment rate = 7.14%

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