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Estimate of the unemployment rate

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Reference no: EM132655433

The information in the table below applies to a hypothetical economy.

Answer the following questions writing out millions of workers and percentage rates each to one decimal place e.g. 1.0 million and 1.0%.

Unemployed members of the labour force2.3 million

Total population 15 year of age and over59.2 million

Participation rate64%Workers with full-time jobs21.8 million

Part-time workers who do not wish to have full-time jobs4.1 million

Part-time workers who wish to have full-time jobs3.3 million

Total population less than 15 years of age14.6 million

a. The size of the labour force is million.

b. The size of the labour force population is million.

c. The official unemployment rate is %.

d. An estimate of the unemployment rate that includes underemployment is %.

Reference no: EM132655433

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