Difference between being unemployed-being out of labor force

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Reference no: EM13805052

1. What is the difference between being unemployed and being out of the labor force?

2. A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest of the adult population is out of the labor force. What’s the unemployment rate? What share of population is in the labor force? Sketch a pie chart that divides the adult population into these three groups.

Reference no: EM13805052

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