Extra Credit 1. The table below relates to the labor force classification of a p
ID: 2428961 • Letter: E
Question
Extra Credit 1. The table below relates to the labor force classification of a particular country. Use the information to answer the questions that follows 0 million 26 million 14 milliorn Not in the Labor Force 30 million ull-time employed art-time employed Unemployed Calculate the following: a. Labor Force b. Adult Population c. Unemployment rate d. Labor-Force participation rate (4 points) (2 points) (2 points) 4 points) e. If some of those actively looking for a job apparently give-up and become "discourage workers'. All else being the same, how would that affect unemployment rate and labor-force participation rate? Will they increase, decrease or stay the same? (5 points)Explanation / Answer
ANSWER: according to chegg q and a policy only 4 parts are to be answered at a time , so you can ask the 5th question separately.
1) Labor force = full time employed + part time employed + unemployed = 60 million + 26 million + 14 million = 100 million
2) Adult population = full time employed + part time employed + unemployed + not in the labor force = 60 million + 26 million + 14 million + 30 million= 130 million
3) Unemployment rate = no of unemployed / labor force = 14 million / 100 million = 0.14 or 14%
4) Labor force participation rate = labor force / population = 100 million / 130 million = 0.7692 or 76.92%
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