Imagine in 2019 the population 16 and older of a country A is 400,000 and labor force is 300.000 and the unemployment rate is 8%. (show the formulas) (a) Calculate the number of people that are e...

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Imagine in 2019 the population 16 and older of a country A is 400,000 and labor force is 300.000 and the unemployment rate is

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Answer 1

Answer #1

The population above 16 and older of the country A is=400,000

Labor force=300,000

Unemployment rate =8%

8 = (number of unemployed / 300000)*100

8*300000/100= The number of unemployed people

The number of unemployed people =24000 people

a.

Employed people = LF-Unemployed

=300000-24000

=276000 people

b.

The number of unemployed people =24000 people

c.

The labor force participation rate= ( labor force/ working age population)*100

=(300000/ 400000)*100

=75%

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Answer 2

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Imagine in 2019 the population 16 and older of a country A is 400,000 and labor force is 300.000 and the unemployment rate is 8%. (show the formulas) (a) Calculate the number of people that are e...