Adult Population 500,000 Labor Force 350,000 Number of unemployed persons 17,500 Find the number of employed, labor force participation rate, and unemployment rate

Economics Dec 08, 2020

Adult Population	500,000
Labor Force	350,000
Number of unemployed persons	17,500

Find the number of employed, labor force participation rate, and unemployment rate.

Expert Solution

Number Employed: 332,500

The number of people employed is the size of labor force minus the amount of people unemployed which is 350,000-17,500 which is 332,500.

_Labor Force Participation Rate: 70%

The labor force participation rate is the amount of people in the labor force over the size of the adult population able to work which is 350,000/500,000=0.7 which is 70%.

Unemployment Rate: 5%

The unemployment rate is the amount of unemployed people over the size of the labor force which is 17,500/350,000=0.05 which is 5%.

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