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Suppose there are 15,000 people on North Island
Suppose there are 15,000 people on North Island. 3000 of these people are children under the age of 16, 7800 people have jobs, 700 people do not have jobs but are looking for work, 300 people do not have jobs and but have given up looking for work, and 1800 people are retired. a. What is the labor force of North Island? b. What is the unemployment rate of North Island? C. What is the labor force participation rate of North Island? d. How many discouraged workers are there in North Island? e. If 100 unemployed people become frustrated and stop looking for work, what is the new unemployment rate for North Island?
Expert Solution
Answer A
Labour force
= Economically active population
= Employed + Looking for employment
=7800 + 700
= 8500
Answer B
Unemployment Rate
= Unemployed / Labour force x100
= (15000-3000-7800-300-1800) / 8500 x 100
= 2100 / 8500 x 100
= 24.70%
Answer C
Labour force participation Rate
= Labour Force / Total Eligible Population x 100
= 8500 / (15000-3000) x 100
= 70.83%
Answer D
Discouraged workers
= Workers who are not looking for work or has given up looking for work
= 300 workers
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