Unemployment and the Labor Force 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 (in millions) Employed 5505 Unemployed 492 Not in the labor force 561 Part I - A) What is the total labor force? B) What is the labor force participation rate? (%) C) What is the unemployment rate? (%) Part II- Suppose 256 of the 492 unemployed people have been unemployed for so long that they Stop looking for work. A) What is the new labor force? B) What is the new labor force participation rate? (%) C) What is the new unemployment rate? (%)

Unemployment and the Labor Force 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 (in millions) Employed 5505 Unemployed 492 Not in the labor force 561 Part I - A) What is the total labor force? B) What is the labor force participation rate? (%) C) What is the unemployment rate? (%) Part II- Suppose 256 of the 492 unemployed people have been unemployed for so long that they Stop looking for work. A) What is the new labor force? B) What is the new labor force participation rate? (%) C) What is the new unemployment rate? (%)

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations

Section: Chapter Questions

Problem 6P

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