Question

inment Score: 24.5% Resources Hint Check Answer < Question 6 of 20 > The table shows employment statistics for a fictional country. Use the information to answer the questions. Round your percentages to two decimal places. Category Number of people Employed 5905 Unemployed 452 Not in the labor force 561 What is the total labor force? 6357 What is the labor force participation rate? 91.89 What is the unemployment rate? 7.11 Suppose 266 of the 452 unemployed people have been unemployed for so long that they stop looking for work. What is the new labor force? 6171 What is the new labor force participation rate? What is the new unemployment rate? MacBook Pro

Answer 1

Answer:

Given:

Employed: 5905

Unemployed: 452

Not in Labor Force = 561

1) Total labor force = no of employed + no of unemployed = 5905 + 452 = 6,357

2) Labor force participation rate = (Total labor force / total population) * 100

Total population = total labor force + not in the labor force = 6,357 + 561 = 6,918

Labor force participation rate = (6357 / 6918) * 100 = 91.89%

3) Unemployment rate = (no of unemployed / labor force) * 100 = (452 / 6357) * 100 = 0.07110 * 100 = 7.11%

Unemployment rate = 7.11%

4) New labor force = no of employed + no of unemployed = 5905 + (452 - 266) = 6,091

5) New labor force participation rate = (total labor force / total population) * 100

New total population = new total labor force + not in the labor force = 6091 + 561 + 266 = 6918

Labor force participation rate = (6091 / 6918) * 100 = 0.88045 * 100 = 88.045%

6) New unemployment rate = (no of unemployed / labor force) * 100 = ((452-266) / 6091) * 100 = 0.03053 * 100 = 3.053%

New unemployment rate = 3.053%