A small country with an adult population of 2.5 million has 1.2 million employed and 100,000 unemployed,

A small country with an adult population of 2.5 million has 1.2 million employed and 100,000 unemployed, and the rest of the adult population is out of the labor force. Calculate the following indicators and show your work.

1. Labor force participation rate=

2. Unemployment rate=

3 . If the number of unemployed persons changed to 130,000, calculate the percentage change in unemployed people.

Expert Solution

1. Labor force participation rate= (Employed+Unemployed)/Total adult population

Labor force participation rate= (1200000+100000)/2500000

Labor force participation rate=0.52 or 52%

2. Unemployment rate= Unemployed/(Employed+Unemployed)

Unemployment rate= 100000/(100000+1200000)

Unemployment rate= 0.076 or 8% (approx)

3. New unemployed people= 130000

Old unemployed people= 100000

percentage change in unemployed people= (New unemployed-Old unemployed)/Old Unemployed

% Change in unemployed people= ( 130000-100000)/100000

% Change in unemployed people= 0.3 or 30%

Rahul Sunny answered 2 years ago

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