Question

Suppose the civilian noninstitutionalized working-age population is 35.9 million in in a hypothetical economy. Of these, 4.6 million are working part-time and 15.71 million are working full-time. Assume the Bureau of Labor Statistics (BLS) definitions are used for calculating unemployment data. Among those not working, the most recent job-search activity for 3.20 million happened less than two weeks ago, while 1.72 million most recently looked for work between two and four weeks ago. An additional 0.86 million most recently looked for work five weeks ago, and the remaining 9.81 million who do not have jobs have not looked for work in the past six weeks. Round your answers to two decimal places. What is the size of the total labor force

Answer 1

the size of the total labor force is 26.09 million

Step-by-step explanation:

The computation of the size of the total labor force is shown below:

The Size of the Total labor force is

= Employed + unemployed

= 4.6 million + 15.71 million + 3.20 million + 1.72 million + 0.86 million

= 26.09 million

Hence, the size of the total labor force is 26.09 million

We simply added the employed and unemployed one