Question

In: Economics

A country has a population if 10,000 of this population 1,000 are below the age of...

A country has a population if 10,000 of this population 1,000 are below the age of 16, 2000 have given up looking for work, 700 are unemployed but but looking for work, 2500 work part time and the remaining are unemployed.

A. What is the unemployment rate?

B. What is the labor participation rate?

C. What is the adult population?

D. Suppose workers the workers who had given up looking for work decide to start working again, what is the new unemployment rate?

Solutions

Expert Solution

Total population = 10000

Population below age 16 = 1000

Adult age population = Total population - Population below age = 10000 - 1000 = 9000

Given up looking for work = 2000

Unemployed but looking for work = 700

Working part time = 2500

Remaining unemployed = 9000 - 2000 - 700 - 2500 = 3800

Total unemployed = 3800 + 700 = 4500

Labor force = total unemployed + working part time = 4500 + 2500 = 7000

a) Unemployment rate = Unemployed / Labor Force * 100

= 4500/7000 * 100 = 64.28%

b) Labor force participation rate = Labor Force/Adult age population * 100 = 7000/9000 = 77.77%

c) Adult age population = Total population - Population below age = 10000 - 1000 = 9000

d) if people who stopped looking for work start looking for work then they would be considered unemployed and come into labor force

Unemployed = 4500 +2000 = 6500

Labor force = 7000 + 2000 = 9000

Unemployment rate = 6500 / 9000 * 100 = 72.22%

Rahul Sunny answered 2 years ago
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