Q3) The following data is given; Number of Employed = 33000 Labor Force = 36000 Working...
Q3) The following data is given;
Number of Employed = 33000
Labor Force = 36000
Working Age Population = 54000
- Calculate the unemployment rate
- Calculate the labor force participation rate
- Calculate the employment to population ratio.
Homework Answers
a) Unemployment rate = Total unemployed * 100 / total labour force
Total unemployed = Labour force - number of employed = 36000 - 33000 = 3000
Unemployment rate = 3000 * 100 /36000 = 8.33%.
b) Labour participation rate = Labour force * 100 / working age population = 36000 * 100 / 54000 = 66.66%
c) Employment to population ratio = Number of employed / total population
Here total population is not given so we could use working age population as total popuation.
Employment to population ratio = 33000/54000 = 0.611
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