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50 million people under 16 170 million people working 20 million people not working and not looking for work 10 million people not working but
50 million people under 16
170 million people working
20 million people not working and not looking for work
10 million people not working but looking for work
Calculate each of the following:
(a) Unemployment Rate
(b) Labor Force Participation Rate
Continuing with the numbers from the question above.
Suppose 1 million people not working but looking for work gave up looking for work altogether.
(a) Calculate the new unemployment rate.
(b) Calculate the new labor force participation rate.
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