Question 1 Incomplete answer Points out of #1) Suppose the following data describe a nation's population? 10 Year 1 Year 2 Remove flag Population 300 million 305 million Labor Force 150 million 160 million Unemployed 7 million 7.2 million (a) What is the unemployment rate in each year? Instructions: Round your answers to one decimal place. Year 1: 4.7 percent Year 2: 4.5 percent (b) How has the number of unemployed changed from Year 1 to Year 2? Increased by 200,000 workers (c) How is the apparent discrepancy between (a) and (b) explained? A larger labor force in Year 2 Please answer all parts of the question. Next page ?

Question 1 Incomplete answer Points out of #1) Suppose the following data describe a nation's population? 10 Year 1 Year 2 Remove flag Population 300 million 305 million Labor Force 150 million 160 million Unemployed 7 million 7.2 million (a) What is the unemployment rate in each year? Instructions: Round your answers to one decimal place. Year 1: 4.7 percent Year 2: 4.5 percent (b) How has the number of unemployed changed from Year 1 to Year 2? Increased by 200,000 workers (c) How is the apparent discrepancy between (a) and (b) explained? A larger labor force in Year 2 Please answer all parts of the question. Next page ?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 1SCQ: Suppose the adult population over the age of 16 is 237.8 million and the labor force is 153.9...

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Similar questions

Whose unemployment rates are commonly higher in the U.S. economy: Whites or nonwhites? The young or the middle-aged? College graduates or high school graduates?
Suppose the adult population over the age of 16 is 237.8 million and the labor force is 153.9 million (of whom 139.1 million are employed). How many people are not in the labor force? What are the proportions of employed, unemployed and nut in the labor force in the population? Hint: Proportions ate percentages.
Using the above data, what is the unemployment rate? These data are U.S. statistics from 2010. How does it compare to the February 2015 unemployment rate computed earlier?
A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest 0f the adult population is out of the labor force. Whats the unemployment rate? What share of population is in the labor force? Sketch a pie chart that divides the adult population into these three groups.
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