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opulation 500 Population over age 16 400 Persons employed full-or part-time 200 Persons unemployed and actively seeking work 20 Persons who have quit seeking work due to lack of success 10 Part-time workers seeking full-time jobs 30 a) Identify the number of people employed, the number of people unemployed, and the number of people in the labor force.

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Answer:

The number of people employed = 200

The number of people unemployed = 20

The number of people in the labor force = 220

Step-by-step explanation:

a) Data and Calculations:

Population = 500

Population over age 16 = 400

Persons employed full-or part-time 200

Persons unemployed and actively seeking work 20

Persons who have quit seeking work due to lack of success 10

Part-time workers seeking full-time jobs 30

The number of people employed = 200 (full-or part-time)

The number of people unemployed = 200 (400 - 200)

The number of people in the labor force = employed and unemployed seeking work (200 + 20) = 220

b) A country's labor force is made up of employed persons (full-time or part-time) and persons actively looking for work. Some of the population who are not actively seeking employment may be kept of the labor force because of education or family responsibilities. These persons may return to the labor market later.

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