Question
Hello there, please help me answer the following questions: A) List and briefly explain the three economic questions that form the foundations of the discipline.
Hello there, please help me answer the following questions: A) List and briefly explain the three economic questions that form the foundations of the
discipline. B) 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 labour force or economically active population?
b) What is the labour 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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