Question

In: Economics

Suppose 1 800 000 people are employed, 40 000 people are unemployed, and an additional 250...

Suppose 1 800 000 people are employed, 40 000 people are unemployed, and an additional 250 000 people are not in the labour force but are of working age. What is the formula for the unemployment rate? Calculate the unemployment rate and briefly explain how you did this. What is the formula for the labour force participation rate? Calculate the labour force participation rate and briefly explain how you did this.– Word count 250

PLEASE GIVE A HIGH QUALITY SOLUTION. MAKE ALL THE CLARIFICATIONS VERY CLEAR

Solutions

Expert Solution

Regarding the unemployment rate:

This is a ratio of total number of unemployed to total labour force and by a multiplication of 100 in order to get the ratio in percentage form.

Total number of unemployed = 40,000 people

Total labour force = Employed + Unemployed

                              = 1,800,000 + 40,000

                              = 1,840,000

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

                                    = (40,000 / 1,840,000) × 100

                                    = 2.1739 ….. %

                                    = 2.17% rounded to two decimal places

Answer: the unemployment rate is 2.17%.

Regarding the labour force participation rate:

Total labour force is the aggregate of total number of employed and total number of unemployed. The rate of labour force participation is the ratio of total labour force to total population and by a multiplication of 100 in order to get the ratio in percentage form.

Total labour force = Employed + Unemployed

                              = 1,800,000 + 40,000

                              = 1,840,000

Total population = Employed + Unemployed + People not in the labour force

                            = 1,800,000 + 40,000 + 250,000

                            = 2,090,000

Labour force participation rate = (Total labour force / Total population) × 100

                                                = (1,840,000 / 2,090,000) × 100

                                                = 88.038 …. %

                                                = 88.04% rounded to two decimal places

Answer: the labour force participation rate is 88.04%.

Rahul Sunny answered 1 year ago
Next > < Previous

Related Solutions

(1). Suppose 80,000 people are employed, 12,000 are unemployed, and 28,000 are not in the labor...
(1). Suppose 80,000 people are employed, 12,000 are unemployed, and 28,000 are not in the labor force. What does the civilian non-institutional population equal? . (2). Suppose that some country had an adult population of about 50 million, a labor force participation rate of 60 percent , and an unemployment rate of 5 percent, how many people were employed ? A. 47.5 million B. 1.5 million C. 30 million D. 28.5 million
1. Indicate whether the following people are employed, unemployed or not in the labor force. Explain....
1. Indicate whether the following people are employed, unemployed or not in the labor force. Explain. a) An Air-Force officer stationed in Colorado Springs, CO b) A consultant who works out of her home for a medical group c) A full-time student who does not work d) A new college graduate looking for work e) A stay-at-home dad f) A waiter in Detroit who is laid off as a result of the recession g) A retired grandfather 2. Calculation of...
In Alexland there are 70,000 people employed and 10,000 people who are unemployed. Of those 10,000...
In Alexland there are 70,000 people employed and 10,000 people who are unemployed. Of those 10,000 6,000 are structurally unemployed and 1,000 are frictionally unemployed. This economy would be described as: In a recession In an expansion Operating at full employment Having an economic boom
Identify which of the following people would be considered either employed, unemployed, or not in the...
Identify which of the following people would be considered either employed, unemployed, or not in the labour force: Alejandro just lost his job at an automobile assembly plant and is looking for work in another industry. b)   Bonnie quit her job six months ago to take care of her newborn triplets. c)    Cheyenne just received her bachelor's degree in accounting and is going to backpack through Europe for six months before seeking employment as an auditor. d)   Danitra owns a...
1-In April 2014, there were 9.8 million people unemployed in the U.S. and 145.7 million employed....
1-In April 2014, there were 9.8 million people unemployed in the U.S. and 145.7 million employed. Together, the employed and the unemployed make up the labor force of 155.5 million. The unemployment rate was? Provide the formula and the calculation. ANS: 2-If 2 million people are unemployed and 8 million are employed, the unemployment rate is: PROVIDE THE CALCULATION 2%. 20%. 25%. ANS: 3- What are the types of unemployment?   Define and justify. ANS:
The BLS surveys and classifies people as employed, unemployed, working age, in the labor force... The...
The BLS surveys and classifies people as employed, unemployed, working age, in the labor force... The definitions it uses distorts the real employment picture. After studying the survey method and definitions of the categories, give us your opinion. Is this method incorrect but sufficient given any alternative? Is this method so flawed as to be irrelevant? What would you change and why? I haven't been able to find much on this subject, even the textbook is vague. thank you for...
The BLS surveys and classifies people as employed, unemployed, working age, in the labor force... The...
The BLS surveys and classifies people as employed, unemployed, working age, in the labor force... The definitions it uses distorts the real employment picture. After studying the survey method and definitions of the categories, give us your opinion. Is this method incorrect but sufficient given any alternative? Is this method so flawed as to be irrelevant? What would you change and why?
Suppose there are 5.2 million unemployed, 156 million employed, and 110 million not in the labor...
Suppose there are 5.2 million unemployed, 156 million employed, and 110 million not in the labor force. What is the unemployment rate?
1. Suppose that an economy has the following labour market statistics. Employed Persons (000s) 200 Unemployed...
1. Suppose that an economy has the following labour market statistics. Employed Persons (000s) 200 Unemployed Persons (000s) 20 Underemployed Persons (000s) 30 Working Age Population (000s) 280 Population (000s) 320 Calculate the unemployment rate. Group of answer choices A, 9.1% B, 7.1% C, 6.3% D, 8.0% 2, Suppose that there are only 3 products that make up the total production in nation Doddria - Carrots, Hair Cuts and Sneakers. The table below shows the quantity (Q) of each produced,...
In July 2017, in the economy of Sandy Island, 10,000 people were employed, 1,000 were unemployed,...
In July 2017, in the economy of Sandy Island, 10,000 people were employed, 1,000 were unemployed, and 5,000 were not in the labor force. During August 2017, 80 people lost their jobs and didn’t look for new ones, 20 people quit their jobs and retired, 150 unemployed people were hired, 50 people quit the labor force, and 40 people entered the labor force to look for work. Calculate for July 2017 The unemployment rates. The employment-to-population ratio. And calculate for...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT