Question
Consider the quote below on employment from First Capital Bank, September 2021 Monthly Economic Bulletin: Labour market data suggest that Zambia's economy is largely informal,
Consider the quote below on employment from First Capital Bank, September 2021 Monthly Economic Bulletin: Labour market data suggest that Zambia's economy is largely informal, with informal employment accounting for more than half of total employment. According to the 2020 Second Quarter Labour Force Survey, 3,010,309 people were in employment, comprising 34.9 % from rural areas and 65.1 % from urban areas. In total, 1.8 million people were male while 1.2 million were females. The results also show that from the employed population, almost a third, 29.9 %, had occupations in the formal sector, while people employed in the informal and household sectors accounted for 50.7 % and 19.4 %, respectively. A. Given that the working-age population (15 years or older) was estimated at 9,905,071 and the labour force at 3,465,526, define and calculate the labour force participation rate. [5 marks] B. Compute and calculate the employment rate and unemployment rate. [5 marks] C. Discuss the effects of unemployment. [4 marks] D. Explain systematically how a profit maximizing firm decides how much labor to demand. [7 marks] E. Discuss why the supply of labour is said to be ambiguous. [4 marks] [Total: 25 Marks
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