Question

assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. what is the size of the labor force? what is the official unemployment rate? lo9.2

Answer 1

The size of the labor force in the given country is 253 people, and the official unemployment rate is approximately 9.09%.

Step-by-step explanation:

To calculate the size of the labor force in the given country, we add the number of employed people and the number of unemployed people

Since the part-time workers looking for full-time jobs are already part of the workforce, we include them in the unemployed category.

Therefore, the labor force is the sum of people who are employed and the unemployed, which in this case is employs (500 - 120 - 150 = 230) + unemployed (23) = 253.

The official unemployment rate is calculated by dividing the number of unemployed people by the total labor force, then multiplying by 100 to get a percentage.

In this case, the unemployment rate is (23/253) * 100, which is approximately 9.09%.