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Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10
Assume the following data for a country:
total population, 500;
population under 16 years of age or institutionalized, 120;
not in labor force, 150;
unemployed, 23;
part-time workers looking for full-time jobs, 10.
What is the size of the labor force? What is the official unemployment rate?
Expert Solution
Computation of the size of labor force:-
Working age population = Total population - Population under 16 years of age
= 500 - 120
= 380
Labor force = Working age population - Not in the labor force
= 380 - 150
= 230
Computation of the official unemployment rate:-
Unemployment rate = Unemployed / Labor force
= 23 / 230
= 10%
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