Question
Based on the mostrecentdata published by ABS (Australian Bureau of Statistics),in Australia,there are 12418.7million peopleemployed, and 823.3 million unemployed, the labour-force participation rate is 63.5%.
Based on the mostrecentdata published by ABS (Australian Bureau of Statistics),in Australia,there are 12418.7million peopleemployed, and 823.3 million unemployed, the labour-force participation rate is 63.5%. Use this information to answer questionsbelow.
(a) Calculate the unemployment rate.
(b) Calculate the working age population.
(c) If the natural rate of unemployment in Australia is 5%, isAustralia in astate offull employment? Please explain your answer.
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A Textbook Of Mathematical Economics
Authors: Dr Chandrakant Singh
1st Edition
9353140986, 9789353140984
