Labor Economics

Question 1 The country has a population of 100,000,000. The working-age population is 70,000,000. Of these, 50,000,000 people had jobs. Of the remainder, 6,500,000 were looking for work, 8,000,000 wanted to work but did not actively look for work. and 5,500,000 did not want to work. Calculate the following statistics: Calculate the following statistics to 2 decimal places and show your work. (2.5 marks 112 mark each) a. The labour force. ; b. The number of people not in the labour force. L " c. = The labour force participation rate. 9.; d; The unemployment rate. se; The employment rate I Questionz- 7 , ~ . , _ > V _ - 7 " Based on 'Engel's law, as real income increases expenditures on some items ' increas-e'as a proportion of one's income. some decrease and some remain the _ same. Provide an example of each