The table shows employment statistics for a fictional country. Use the information to answer the questions. Round your percentages to two decimal places. Category Number of people Employed 4505 Unemployed 482 Not in the labor force 551 What is the total labor force? What is the labor force participation rate? % What is the unemployment rate? %

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 8P
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Suppose 266 of the 482 unemployed people have been
unemployed for so long that they stop looking for work.
What is the new labor force?
What is the new labor force participation rate?
What is the new unemployment rate?
%
Transcribed Image Text:Suppose 266 of the 482 unemployed people have been unemployed for so long that they stop looking for work. What is the new labor force? What is the new labor force participation rate? What is the new unemployment rate? %
The table shows employment statistics for a fictional country. Use the information to answer the questions. Round your
percentages to two decimal places.
Category
Number of people
Employed
4505
Unemployed
482
Not in the labor force
551
What is the total labor force?
What is the labor force participation rate?
%
What is the unemployment rate?
%
Transcribed Image Text:The table shows employment statistics for a fictional country. Use the information to answer the questions. Round your percentages to two decimal places. Category Number of people Employed 4505 Unemployed 482 Not in the labor force 551 What is the total labor force? What is the labor force participation rate? % What is the unemployment rate? %
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