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The following is a report from a BLS survey taker: There were 110 people in the houses I visited
The following is a report from a BLS survey taker:
There were 110 people in the houses I visited. 28 of them were children under the age of 16, 25 people had full-time jobs, and 14 had part-time jobs. There were 10 retirees, 5 full-time homemakers, 13 full-time students over age 16, and 3 people who were disabled and cannot work. The remaining people did not have jobs, but all said they would like one. Nine of these people had not looked actively for work for three months, however.
Find the labor force, the unemployment rate, and the participation rate implied by the survey taker's report.
Expert Solution
Computation of the labor force:-
Labor force = Number of peoples who had full time jobs + Number of peoples who had part time jobs + Number of peoples who are unemployed
= 25 + 14 + 3
= 42 peoples
Computation of the unemployment rate:-
Unemployment rate = Number of peoples who are unemployed / Labor force
= 3 / 42
= 7.14%
Computation of the participation rate:-
Participation rate = Labor force / Adult population
= 42 / (110 - 28)
= 42 / 82
= 51.22%
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