Answer 4 (a) : The Total civilian non-institutional working age population = 244,863
The total labor force available = 155,654
The employment rate is given as = 58.6% of the total population, which means:
The number of individuals employed = 58.6/100 x 244,863
= 143,489
Hence 143,489 individuals are employed. Now, these 143,489 must be among the labor force. Therefore, the number of labor force who are not employed is = 155,654 – 143,489
= 12,165
Therefore, the unemployment rate will be = (100 /155,654) x 12165
= 7.8
Therefore, the unemployment rate is 7.8%
Answer (b) : The Labor force participation rate means the number of labor who are actively participating in the industry. Here, since 7.8 % of the total labor force is unemployed, therefore the rest of the labor force must be part of the actively participating employed group. Therefore, the labor force participation rate is 92.2 %.
Answer ( c) : If the civilian non-institutional population grows by 1% , this means the total civilian non-institutional population will be = 244,863 + ( 1% of 244,863 )
= 244,863 + 2448
= 247,311
If the labor force participation rate remains constant, that means 92.2% , therefore, the labor force employed out of the total population which is 58.6% is = 58.6 % of 247,311
= (58.6/100) x 247,311
= 144,924
Therefore, after the population rises by 1%, number of labor force is 144,924.
Now, since 92.2% population is working, that means = 92.2% of 144,924
= 133619
Therefore the remaining of the pollution not working is = 144924 – 133619
= 11305
Hence 805 more jobs have to be created in the next year.
Answer (d)
: If the labor force participation grows by 1%
, this means the labor force participating will be = 155,654 + ( 1%
of 155,654 )
= 155654 + 1556
= 157,210
Therefore , 1556 number of jobs must at least be created next to keep the unemployment rate unchanged.
4 Suppose that the civilian non-institutional working age population is 244,863, the civilian labor force 155,654,...
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