The labor force participation rate is the percentage of the working-age population in the labor force. Suppose an economy is given by: Population=283 million Working-age population = 186 million Labor force = 129 million The number of people employed = 120 million The number of people unemployed = 9 million The labor force participation rate for this economy is %. (Enter your response rounded to one decimal place.)

The labor force participation rate is the percentage of the working-age population in the labor force. Suppose an economy is given by: Population=283 million Working-age population = 186 million Labor force = 129 million The number of people employed = 120 million The number of people unemployed = 9 million The labor force participation rate for this economy is %. (Enter your response rounded to one decimal place.)

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest 0f the adult population is out of the labor force. Whats the unemployment rate? What share of population is in the labor force? Sketch a pie chart that divides the adult population into these three groups.
Suppose the adult population over the age of 16 is 237.8 million and the labor force is 153.9 million (of whom 139.1 million are employed). How many people are not in the labor force? What are the proportions of employed, unemployed and nut in the labor force in the population? Hint: Proportions ate percentages.
Consider an economy with 500 people in the labor force. At the beginning of every month, 5 people losetheir jobs and remain unemployed for exactly one month; one month later, they find new jobs andbecome employed. In addition, on January 1 of each year, 20 people lose their jobs and remainunemployed for six months before finding new jobs. Finally, on July 1 of each year, 20 people lose theirjobs and remain unemployed for 6 months before finding new jobs.1. What is the unemployment rate in this economy in a typical month?2. What fraction of unemployment spells lasts for one month? What fraction lasts for six months?3. What is the average duration of completed spell of unemployment?4. On a particular date, what fraction of the unemployed are suffering a long spell (six months) ofunemployment? plz solve part 4 ? Thanks.
. Assume that that a country’s total population is 260 million. 24% of the population is under 16 years of age. In addition, 2.3% of adult population are institutionalized. Of the total labor force, 173 million are employed. What is the unemployment rate?
Between January 2012 and January 2019,U.S. employment increased by 17.3 million workers,but the number of unemployed workers declined byonly 6.3 million. How are these numbers consistentwith each other? Why might one expect a reductionin the number of people counted as unemployed tobe smaller than the increase in the number of peopleemployed?
Country A has a total population of 2.5m and 1.8m are 15+ year-olds. The unemployed population is 0.2m and the employed population is 1.5m. What is the labour force participation rate in Country A? O 100% 72% 68% 94.44% 83.33%
Statistics Canada reported the following data for March 2020: Variable Value Labour force participation rate (percentage) Working-age population Employment rate (percentage) 63.5 31,074,000 58.5 Using this information, calculate Canada's unemployment rate in March 2020. Round your answer to one decimal place. O A. 7.7% O B. 7.9% O C. 8.2% O D. 8.1%
Suppose 25,000 persons become unemployed. You are given the following data about the length of unemployment spells in the economy:Duration of Spell (in months) Exit Rate1 0.602 0.203 0.204 0.205 0.206 1.00where the exit rate for month t gives the fraction of unemployed persons who have been unemployed t months and who “escape” unemployment at the end of the month.a. How many unemployment-months will the 25,000 unemployed workers experience?b. What fraction of persons who are unemployed are “long-term unemployed” in that their unemployment spells will last five or more months?c. What fraction of unemployment months can be attributed…
A country with a population of 120,000 (all over age 16) has 100,000 employed and 10,000 unemployed persons of which 5000 are frictionally unemployed and another 3000 structurally unemployed; I. What is the size of the labour force? ii What is the actual unemployment rate? iii what is the labour force participation rate? Please I need answers for the below iv. What is the employment/population ratio? v. What is the natural rate of unemployment? vi. Is this economy in recession or a boom? Explain
Dard Refer to the information provided in Table 22.3 below to answer the question(s) that follow. Table 22.3 95,000 people 5,000 реоple 80,000 people Employed Unemployed Not in the Labor Force Refer to Table 22.3. The labor force equals Lütfen birini seçin: OA 95,000 people. ов 80,000 реоple. ОС 85.000 реople OD 180,000 people OE 17.000 people.
Help The table below shows labour force information for a hypothetical economy, Selkirk. Answer the following questions, writing out millions of workers to two decimal places e.g. 1.00 million and percentages to one decimal place e.g. 1.0%. 2019 2020 Total population 15 years and over Those 15 years and over not in the labour force population Part-time workers who wish to have full-time jobs Part-time workers who do not wish to have full-time jobs 4.90 million 4.90 million 1.60 million 1.60 million Discouraged workers Workers with full-time jobs Unemployed members of the labour force 120,000 360,000 480,000 145,000 435,000 580,000 1.50 million 1.40 million 180,000 190,000 a. The Selkirk's labour force population in 2019 is million while the labour force is million. The participation rate in 2019 is % and the official unemployment rate is %. The Selkirk's labour force population in 2020 is million while the labour force is million. The participation rate in 2020 is | % and the official…
Assume the total population is 3500. Of the total population, 1800 are working full-time. Of the not-working population, 1000 are under 16 years of age, 350 are full-time/not-working college students, 50 were retired, 150 had stopped looking for work because they think there were no jobs for them, and 150 are diligently looking for work. 6. Calculate # of non-labor force. 7. Calculate the unemployment rate (%). 8. Assuming "discouraged labor" is considered "unemployed," calculate the unemployment rate (%). -----. -----------