In Pakistan, Pakistan Bureau of Statistics (web address: www.pbs.gov.pk) is responsible for official publication of data on population. According to Pakistan Bureau of Statistics, a person who is aged 15 years or older and is willing to work is part of labor force. In June 2018, Pakistan Bureau of Statistics announces that of all Pakistanis aged 15 years and above, 59,755,800 people were employed, 3,613,800 people were unemployed, and 58,830,400 people were not in labor force. Using this information, calculate:

a)The adult population (1.5 Marks)

b)The labor force (1.5 Marks)

c)The labor-force participation rate (1.5 Marks)

d)The unemployment rate (1.5 Marks)

QUESTION: 7

Unemployment is considered as one of the most important macroeconomic variable. Like other macroeconomic variable, unemployment rate has its own merits and demerits. You are supposed to analyze and discuss whether each of the following events increases, decreases, or has no effect on the unemployment rate and the labor-force participation rate.

a)Sadiq finds a job after a long time. (0.5 Marks)

b)Latif, graduate from IU, graduates and immediately finds a job. (0.5 Marks)

c)Shahid, after an unsuccessful job search, gives up looking for work and retires. (0.5 Marks)

d)Saira quits her job to become stay-at-home mom. (0.5 Marks)

e)Khalid is celebrating his 15^th birthday but has no interest in working. (0.5 Marks)

f)Maryam is celebrating her 15^th birthday and starts looking for a job. (0.5 Marks)