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Suppose the civilian noninstitutionalized working age population is 35.9 million in Laborland, 4.4 million are working part time, and 13.19 million are working full time. Laborland used the Bureau of Labor Statistics (BLS) definitions for unemployment data. Among those not working, the most recent job search activity for 3.40 million happened less than two weeks ago, while 1.72 million most recently looked for work between two and four weeks ago. An additional 0.86 million most recently looked for work five weeks ago, and the remaining 12.33 million who don\'t have jobs have not looked for work in the past six weeks.

Required:
a. What is Laborland's total labor force?
b. What is Laborland's labor force participation rate?
c. How many people are unemployed in Laborland?
d. What is Laborland's unemployment rate?

Respuesta :

ogorwyne

Explanation:

1

Total labor force = employed + unemployed

Employed = full time + part time

= 4.4million + 13.19million

= 17.59 million

Unemployed = 3.40 + 1.72

= 5.12

Therefore,

Labour force = 17.59 + 5.12

= 22.71 million

2.

Labour force participation rate = labour force/working age of non-institutional working population

= 22.71/35.9

= 0.6326 x 100

= 63.26%

3.

Unemployed = 3.40 + 1.72

= 5.12 million people

4.

Unemployment rate = number of unemployed person/ labour force

= 5.12/22.71

= 0.2255 x 100

= 22.55%