Question

In: Economics

Refer to the scenario to answer questions 1  and 2 A government worker surveys a number of...

Refer to the scenario to answer questions 1  and 2

A government worker surveys a number of households and comes up with the following information: 15 of the people were children under 16, 12 of the people were retired but still capable of working, 38 people had full-time jobs, 5 had part-time jobs, 8 were stay-at-home parents, 10 were full-time students over the age of 16, 15 were disabled people who could not work, 10 people had no job but were looking for jobs, and there were 5 people who wanted a job but were not looking for a job.

1. Calculate the unemployment rate.

2. How many people are not in the labor force but work eligible.

Solutions

Expert Solution

We have the following information

Description

Numbers

Category

Children under 16 year

15

Out of labor force

Retired

12

Out of labor force

Full time jobs

38

Employed

Part time jobs

5

Employed

Stay at home parents

8

Out of labor force

Full time students over 16 years

10

Out of labor force

Disabled

15

Out of labor force

No job but were looking for job

10

Unemployed

No job and also not looking for job

5

Out of labor force

Total Population

118

Part 1) Now unemployment rate is given by the following formula

Unemployment rate = (Total Unemployed/Labor Force) × 100

Labor force = Employed + Unemployed

Labor force = 38 + 5 + 10 = 53

Unemployed = 10

Unemployment rate = (10/53) × 100

Unemployment rate = 18.87%

Part 2) People who are out of labor force but work eligible are

Retired = 12

Stay at home parents = 8

No job and also not looking for job = 5

Full time students over 16 years = 10

People who are out of labor force but work eligible = 12 + 8 + 5 + 10 = 35


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