The following table represents the data for an economy in 2017 Category Number (Millions) Labor Force
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Question:
The following table represents the data for an economy in 2017
Category | Number (Millions) |
Labor Force | 420 |
Employed workers | 395 |
Working age population | 450 |
Population | 500 |
Frictional Unemployment | 1% |
Structural Unemployment | 2% |
Using the above table:
1. What is the “Not in Labor Force” value?
2. Calculate the unemployment rate?
3. What is the labor force participation rate value?
4. What is the employment to population ratio value?
5. What is the value of cyclical unemployment?
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