Question

In: Economics

Refer to the information provided in Table below to answer the questions that follow. Employed 148,297...

Refer to the information provided in Table below to answer the questions that follow.

Employed

148,297

Unemployed

8,705

  1. What is the number of labor force
  2. What is the rate of unemployment
  3. What is the cost of unemployment (Explain just one point)?
  4. Why high rate of unemployment can be considered as one of biggest issues for the economy.?

Solutions

Expert Solution

1). Labour force :- The total number of persons in the age group of 18-59 are considered as labour force. In labour force we include both employed and unemployed.

2). Rate of unemployment:- As we know that rate of unemployment is the share of total labour force that is jobless, it is expressed as a percentage.

Rate of unemployment is = Total number of unemployed / Total labour force ×100

For example the total unemployed are 43000.

Total labour force is 120000.

Than unemployment rate = 43000 / 120000 × 100

=35.83%.

3). We know that the costs of unemployment are both on individual as well as society. For the individual, the greatest economic cost of unemployment is lost income. For society, the greatest economic cost of unemployment is the decrease in goods and services that occurs as a result of the unemployment.

4). High rate of unemployment is one of the biggest issues of the econnomy. It is biggest challenge that hinders the mental and physical health of an individual. Unemployment has costs to a society that are more than just financial. Unemployed individuals not only lose income but also face challenges to their physical and mental health. Societal costs of high unemployment include higher crime and a reduced rate of volunteerism.

Hope you got the answer.

Kindly comment me data so I can provide you the accurate answers to Q1 and Q2. As the table was missing with the data.

Thanks ?.

Rahul Sunny answered 2 years ago
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