Question

In: Economics

1. The population of Coukouville is 10,000. Of that number 2,000 are under 16 or institutionalized,...

1. The population of Coukouville is 10,000. Of that number 2,000 are under 16 or institutionalized, 3,000 are not in the labor force, and 250 are currently unemployed. What is the unemployment rate in Coukouville?

2. Is gross domestic product an accurate measure of the standard of living? Why or why not?

Solutions

Expert Solution

The unemployment rate is defined as the percentage of unemployed workers in the total labor force. Workers are considered unemployed if they currently do not work, despite the fact that they are able and willing to do so. The total labor force consists of all employed and unemployed people within an economy.

he workforce or labour force is the labour pool in employment. It is generally used to describe those working for a single company or industry, but can also apply to a geographic region like a city, state, or country.

labor force = 10000 - 2000 - 3000 = 5000

unemployment rate = 250 / 5000 = 5%

2. The generally accepted measure of the standard of living is GDP per capita. This is a nation's gross domestic product divided by its population. Gross Domestic Product measures the market value of all final goods and services produced within a country in a given period of time. dividing it by population gives us a brief idea about how an economy is performing and how are the people living there are. it shows a reflection of how much people ca afford and how much are they willing to spend on daily basic goods and services which is a clear indication of standard of living

Rahul Sunny answered 1 year ago
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