Consider the data above for a simple economy

Reference no: EM13875147

Unemployment Calculations (version A)

Total population	20,000
Working-age population	15,000
Employment	10,000
Unemployment	1000

Consider the data above for a simple economy.

1) What is the unemployment rate for this simple economy?

2) What is the labor force participation rate for this simple economy?

3) Suppose the working-age population of a fictional economy falls into the following categories: 90 are retired or homemakers; 60 have full-time employment; 20 have part-time employment; 20 do not have employment, but are actively looking for employment; and 10 would like employment but do not have employment and are not actively looking for employment. The official unemployment rate as calculated by the U.S. Bureau of Labor would equal ______%.

Reference no: EM13875147

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