Homework Answers
Ques A )
Labour Force = Employed + Unemployed
Labour Force = 150 Mn + 15 Mn = 165 Mn
(LFPR)Labour Force Participation Rate = Labour Force / Working Age Population
LFPR = 165 Mn / 250 Mn = 0.66 or 66%
Ques B)
Unemployment Rate (U) = Unemployed / Labour Force = 15Mn/165Mn = 0.09 or 9%
Ques C )
When jobless people quit looking for jobs, they are not included in workforce and nor in unemployed workforce.
Labour Force = 165 Mn – 2 Mn = 163 Mn
Unemployed = 15 Mn – 2Mn = 13 Mn
(LFPR)Labour Force Participation Rate = Labour Force / Working Age Population
LFPR = 163 Mn / 250 Mn = 0.652 or 65.2%
Unemployment Rate (U) = Unemployed / Labour Force = 13Mn/165Mn = 0.07878 or 7.9 %
When jobless people quit looking for jobs, the Labour force participation rate and the Unemployment Rate reduces.
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