Question

<1> unemployment rate in year 1 = (7.2 million/120 million) x 100 = 6 percent unemployment rate in year 2 = (6.7 million/119.5 million)x100 = 5.6 percent <2> the number of people employed in year 1 = 120 million-7.2 million = 112.8 million the number of people employed in year 2 = 119.5 million-6.7 million = 112.8 million <3> the labor force participation rate in year 1 = (120 million/200million) x 100 = 60 percent the labor force participation rate in year 2 = (119.5 million/200 million)*100 = 59.75 percent <4> From the first year to the second year, the adult population stayed the same, but the labor force decreased, resulting in the reduction of labor force participation rate. The reason for this change may be that with the increase of age, some people enter the age range of the labor force, but some people are beyond this age range, and the number of people who exceed the range this year is more than that of people entered. Meanwhile, the number of unemployed people has decreased, which is one of reasons for the decline in the unemployment rate,

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Answer 1

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