Question

Suppose you are given the following information:

a. What is the total population?

b. How many people are unemployed, and what is the unemployment rate?

c. What is the labour force participation rate?

Short answer

a. $295$million

b. $10$million and $3.38\%$

c.$69.89\%$

Step-by-step solution

explanation part (a)

All the residents comprise the total population excluding adults in the military, institutionalized adults, and employed adults because they are already counted in the labour force.

$\Rightarrow 206.2+48+40.8=295$million

part (b)

Number of unemployed people = labour force - employed people

$\Rightarrow 206.2-196.2=10$million

Unemployment rate =(unemployed people$÷$total population) $\times 100$

$$\begin{gathered} \Rightarrow \frac{10}{295}\times 100 \\ =3.389\% \end{gathered}$$

part (c)

Calculating labour force participation rate = (labour force$÷$total population)$\times 100$

$\Rightarrow \frac{206.2}{295}\times 100=69.89\%$