Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose there are 12 million employed people and 0.72 million unemployed people. There are 4.5 million people who are not in the labour force. During

Suppose there are 12 million employed people and 0.72 million unemployed people. There are 4.5 million people who are not in the labour force. During the next month, 0.11 million people lose their jobs and 0.08 million find jobs. (Assume there are no new entrants into the labour force.)

  1. What is the new total of unemployed persons?
  2. What is the new total of employed persons?
  3. What is the new unemployment rate?
  4. What is the size of the labour force?
  5. What is the labour force participation rate?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Econometrics By Example

Authors: Damodar Gujarati

2nd Edition

1137375019, 9781137375018

More Books

Students also viewed these Economics questions

Question

What is the measure of reliability of a confidence interval?

Answered: 1 week ago

Question

8. What are the costs of collecting the information?

Answered: 1 week ago