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The employed, 15,260,000 were unemployed, and 82,614,000 were not in the labor force. Use this information to calculate: (a) The adult population (b) The labor
- The employed, 15,260,000 were unemployed, and 82,614,000 were not in the labor force. Use this information to calculate:
- (a) The adult population
- (b) The labor force
- (c) The labor-force participation rate
- (d) The unemployment rate
- (e) Separately from parts (a) - (d), using a diagram of the labor market, show the effect of an increase in the minimum wage on the wage paid to workers, the number of workers supplied, the amount of workers demanded, and the amount of unemployment.
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