The table below shows employment statistics for the fictional country of Summerl

Question

The table below shows employment statistics for the fictional country of Summerlandia. Use the information to answer the following questions. Round your percentages to two decimal places. What is the total labor force? What is the labor force participation rate? What is the unemployment rate? Suppose 256 of the 482 unemployed people have been unemployed for so long, they stop looking for work. What is the new labor force? What is new labor force participation rate? What is the new unemployment rate?

Explanation / Answer

1. Labor force = Empolyed + unempolyed = 4905 +482 =5387

2 .labor force participation rate = Labor force/ adult population

= 5387/(4905+482+591)= 90.11 %

3.unempolyment rate = unempolyed/labor force = 482/5387 =8.95

4.new labor force = (482-256) + 4905 = 5131

5.New labor force participation rate = labor force/adult population =5131/(4905+482+591) =85.9 %

6. unempolyment rate = 226/5131 =4.40 %

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