SHOW YOUR CALCULATIONS 5 ) The population of Oceana is 20 million. There are 5 m
ID: 2441338 • Letter: S
Question
SHOW YOUR CALCULATIONS
5) The population of Oceana is 20 million. There are 5 million people under the age of 16. Of those 16 and over, 1 million are in jail, 1 million are in the armed forces, and 1 million are full-time students. One million people have given up looking for work because the economy is in a recession. Two million people are actively looking and 8 million are employed. What is the working-age population?
A) 20 million
B) 15 million
C) 14 million
D) 10 million
E) 13 million
6) The population of Oceana is 20 million. There are 5 million people under the age of 16. Of those 16 and over, 1 million are in jail, 1 million are in the armed forces, and 1 million are full-time students. One million people have given up looking for work because the economy is in a recession. Two million people are actively looking and 8 million are employed. What is the labor force?
A) 20 million
B) 15 million
C) 14 million
D) 10 million
E) 13 million
7) The population of Oceana is 20 million. There are 5 million people under the age of 16. Of those 16 and over, 1 million are in jail, 1 million are in the armed forces, and 1 million are full-time students. One million people have given up looking for work because the economy is in a recession. Two million people are actively looking and 8 million are employed. What is the unemployment rate?
A) 20 percent
B) 10 percent
C) 25 percent
D) 50 percent
E) 15 percent
8) If the number of employed people is 150 million, the number of unemployed people is 50 million, and the working-age population equals 285 million people, the labor force participation rate is
A) 70.2 percent.
B) 81 percent.
C) 17.5 percent.
D) 25 percent.
E) 52.6 percent.
9) If the working-age population is 20 million and labor force is 13 million, the labor force participation rate is
A) 65 percent.
B) 35 percent.
C) 153 percent.
D) 60 percent.
E) impossible to calculate because data on the number of employed workers is needed.
10) In January of 2001, the population of the United States was 276.8 million, the working-age population was 210.2 million, the total number of people employed was 140, and the total number of people unemployed was 5.0 million. What was the labor force participation rate?
A) 78 percent
B) 56 percent
C) 69 percent
D) 90 percent
E) 67 percent
Explanation / Answer
Ans.
5) C. 14 million
working age population indicates maxmum number of people in economy who can be economically active.It ranges between 16 to 64 years..so here out of 20 million 2 million are seeking for a job and 8 million are employed.Other than these active participants are those who are unemployed due to recession i.e 1 million.Armed forces and full time students above 16 years of age are 1 million each.Moreover those 1 million in jail are also included in working age population because they are also economically active participants who can do jobs.Thus working age population is
2+8+1+1+1+1 =14million.
6) D.10 million
Labour force includes those who are employed as well as unemployed who are actively seeking for a job.It does not include unemployed persons who are not searching for job that is discouraged worker.So labour force is 2 million actively seeking job and 8 million who are employed.That is 2 + 8 = 10 million people are in labour force.
7)A. 20 percent
unemployment rate = unemployed workers /total labour force *100
Unemployed workers are those who are currently not working but are willing and able to work i.e actively searching for work. So unemployed workers here are 2 million.Total labour force has been calculated above as 10 million. So
unemployment rate = 2/10 *100 = 20%
8) A.70.2%
Labour force participation rate is calculated by labour force / total working age population *100.
Where labour force includes employed and unemployed persons.So laour force = 150 million + 50 million = 200 million .Working age population is 285 million
Labour force participation rate = 200 / 285 * 100 = 70.2%
9) A. 65 %
Labour force participation rate = labour force / working age population *100
LFPR = 13 / 20 *100 = 65%
10) C.69 percent
LFPR = number of employed + number of unemployed / working age population * 100
LFPR = 140 + 5.0 / 210.2 *100 = 69%
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