Homework Answers
17) Labour Force Participation Rate = (Labor Force / Total Population)*100 = (100/200)*100 = 50%
Unemployment Rate = (Total unemployed / Total Labor force)*100 = (5/100)*100 = 5%
If 10 people join the labor force and 8 find jobs, So unemployed increases by 2
New labor force participation rate = (110/200)*100 = 55%
So the change in labor force participation rate is 5%
New Unemployment rate = (7/110)*100 = 6.36%
So Unemployment rate increases by 1.36%
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