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Calculate the labour force participation rate

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Reference no: EM132812970

Consider the population of a small country, assuming that the number of people in each category is as follows: 

  • total population = 1,200
  • children under age 14 = 200
  • elderly retired people = 300
  • full-time adult students = 20
  • full-time homemakers = 30
  • people working full time for pay = 420
  • people working part time for pay = 120
  • people not working but seeking employment = 60
  • people not working but have given up seeking employment = 50

a. Calculate the labour force participation rate.

b. Calculate the unemployment rate.

c. In the above list, identify the discouraged worker category

d. State True or False: In presence of discouraged workers, the unemployment rate reported in part b of your answer is an understatement of the true unemployment rate. To support your answer, include the discouraged workers in your unemployment rate calculation and compare the result with part b answer.

Reference no: EM132812970

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