Question
Consider the population of LaLa-Land. In 2018, the country had a total population of 30-million, 10-million of whom were older than 64 years old and
Consider the population of LaLa-Land. In 2018, the country had a total population of 30-million, 10-million of whom were older than 64 years old and younger than 16 years old (the minimum working age) while 9-million, mostly housewives and students, did not want to work. A total of 8-million of the population between 16 years old and 64 years old who wanted to work were employed while the rest remained unemployed. Based on this information answer the following questions: a) What is the size of the labor force or economically active population? b) What is the labor force participation rate? c) How many people are unemployed? d) What is the unemployment rate? Bear in mind this question will require you to read and research further than the content given to you in the study materials provided.
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