Calculate unemployment rates-number of employed

Reference no: EM1314431

Suppose the following data describe hypothetical country's population:

	Year 1	Year 2	Year 3
Population	247 000 000	259 000 000	263 000 000
Labor force	141 000 000	144 000 000	156 000 000
Unemployment rate	5%	5%	5.5%

1. How many people are unemployed in each year?

2. How many people are employed each year?

3. Compute the employment rate (i.e., number employed: population) in each year

4. How can employment rate may go up or down in the unemployment rate stays the same? How can employment rate go up if unemployment rate also goes up? (See your results for above questions)

Reference no: EM1314431

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