1. Use the data below to calculate the following: Civilian population 300 millio

Question

1. Use the data below to calculate the following:
Civilian population 300 million
Incapable of working 120 million
Not in the labor force 10 million
People with a full-time job 80 million
People with a part-time job 50 million
a. The size of the labor force.
b. The number of unemployed.
c. The unemployment rate.

2. What change in total income (measured in dollars) would result from each of the following?
a. The unemployment rate falls 2.5 percentage points. Income is $100 billion.
b. The unemployment rate rises 1 percentage point. Income is $80 billion.
c. The unemployment rate rises 2 percentage points. Income is $5 trillion.

Explanation / Answer

1. a) the size of labor force = 130 million b) number of unemployed = 40 million c) 40*100/300 = 13.38 %

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