Question

In: Economics

Total Population 800M Non-institutionalized population over the age of 16 = 560M Number of people potentially...

Total Population

800M

Non-institutionalized population over the age of 16 =

560M

Number of people potentially available for civilian employment

Number of those potentially available for employment who are

76M

neither working nor looking for work

Number of people working

440M

Natural rate of unemployment

5%

1) A) Explain the difference in concept between total population and the potential labor force.

B) Who makes up the labor force and how much is it in the numerical example above?

C) Define using a paradigm the labor force participation rate.

and D) calculate it.

E) Define using a paradigm, unemployment and the unemployment rate.

and D) calculate them from the table above.

Solutions

Expert Solution

A) Total population is the total Number of people in the economy. While potential labor force refers to population above 16 who are available for civilian employment.

B)Among potential Labour force population ,those who are willing to work , either working or looking for work make labor force.

Labour force=560-76=484 million

C)The percentage of total potential Labour force ,ends up in actual Labour force is called participation rate.

Participation rate=484/560]*100=86.43%

D) Among actual Labour force population, people who are currently are not working or looking for work ,are called unemployed.

Unemployed population=484-440=44 million

Unemployment rate=44/484]*100=9.09%

Rahul Sunny answered 2 years ago
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