Suppose the number of employed people in an economy is 312,545,372. The unemployment rate in this economy
Question:
Suppose the number of employed people in an economy is 312,545,372. The unemployment rate in this economy is 7.4 percent, or .074, and the labor force participation rate is 80 percent, or .80.
a. What is the size of the labor force?
b. How many people are unemployed?
c. What is the size of the working-age population?
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a Since the unemployment rate is 74 percent or 074 the employment rate has to be 926 percent ...View the full answer
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Related Book For 
Principles of Macroeconomics
ISBN: 978-0134078809
12th edition
Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster
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