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Homework answers / question archive / The table shows employment statistics for a fictional country
The table shows employment statistics for a fictional country. Use the inforzation to answer the questions. Round your percentages to two decimal places. Category Number of people Employed 5505 Unemployed 452 Not in the labor force 561 What is the total labor force? 5957 What is the labor force participation rate? 91 % What is the unemployment rate? 7.59 Suppose 276 of the 452 unemployed people have been unemployed for so long that they stop looking for work. What is the new labor force? 728 incorrect What is the new labor force participation rate? 37.9 % Incorrect
What is new labor force : 5681
Explanation :
Because now 276 workers are not looking for job they are not part of labor force.
So, new labor force =Labor force - discouraged workers
=5957-276
=5681
2.
Labor force participation rate =labor force /working age population
=5681/6518
=87.16%
Working age population =not in labor force +labor force
=837+5681
=6518
Not in labor force =old not in labor force + discouraged workers
=561+276
=837
