Use the following data to calculate (a) The size of the labor force, (b) The official unemployment
Question:
Use the following data to calculate
(a) The size of the labor force,
(b) The official unemployment rate,
(c) The labor force participation rate for a hypothetical economy: population = 500; population 16 years or older and non-institutionalized = 400; people employed full- or part-time = 200; people unemployed and actively seeking work = 20; people who have quit seeking work due to lack of success = 10; part-time workers seeking full-time jobs = 30.
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Related Book For
Contemporary Labor Economics
ISBN: 978-1259290602
11th Edition
Authors: Campbell R. McConnell, Stanley L. Brue, David Macpherson
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