Question

Use the following table to answer questions 4-6. Number of people (millions) 250 30 15 20 145 10 10 Category Total population Less than 16 years of age Institutionalized Part-time workers Full-time workers Looking for jobs in the past 4 weeks In U.S. Armed Forces 4) Using the table above, the working-age population is: 5) Using the table above, the nmber of people in the labor force is: 6) Using the table above, the unemployment rate is 7) The unemployment that fluctuates over the business cycle is called:

Answer 1

Working age population consist OF all people expect children, old age, prisoners and unemployed, therefore total Working age population = 15 + 20 + 145 + 10 = 190mm 5) labor Force Consists people Working and people looking For Work From last 4 weeks therefore implies 15 + 20 + 145 + 10 + 10 implies 200mm 6) unemployment rule = unemployed people/Labor Force times 100 = 10/200 times 100 implies 1/20 times 100 7) It is called cyclical unemployment Because it Fluctuates, guess up and down during business cycle over the long period