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Neptunesx101x Neptunesx101x
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A month ago
In an economy, out of 221.6 million potential workers, 180.65 million are employed. If the labor force in the economy is 200.5 million, calculate:
a) The number of unemployed workers
b) The unemployment rate
c) The labor force participation rate
d) The number of potential workers who are not a part of the labor force
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Macroeconomics

Macroeconomics


Edition: 3rd
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bruce2710bruce2710
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A month ago
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More solutions for this book are available here
a) Labor force = Number of employed workers + Number of unemployed workers, or 200.5 million = 180.65 million ‒ Number of unemployed workers.
Therefore, the number of unemployed workers is 200.5 million ‒ 180.65 million = 19.85 million.
b) Unemployment rate = (Number of unemployed workers/Labor force) × 100 percent. Hence, the unemployment rate is (19.85 million/200.5 million) × 100 percent = 9.9 percent.
c) Labor force participation rate = (Labor force/Potential workers) × 100 percent, or (200.5/221.6) × 100 percent = 90.47 percent.
d) Number of potential workers not in the labor force = Potential workers ‒ Labor force, or 221.6 million − 200.5 million = 21.1 million.
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