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Calculate the labour force participation rate

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Reference no: EM13837069

1) Compute various indicators of the state of the labour market using the following information. Please show all of your working. If you do not, you will receive zero marks for the question(s).

Demographic Group                                            Number of Residents

Full-time workers                                                            7000
Part-time workers                                                           2000
Unemployed and looking for work                                     600
Unemployed and not looking for work due to                     500
discouragement over job prospects
Not working due to disability                                            300
Not working due to retirement                                          900
Under the age of 15                                                        3000
Total Population                                                              14300

a) What is the size of the labour force in this economy?

b) Calculate the Labour Force Participation Rate for this economy. Report as a percentage to two decimal places.

c) Calculate the Unemployment Rate for this economy. Report as a percentage to two decimal places.

d) Suppose that the natural rate of unemployment is considered to be 5%. What is the rate of cyclical unemployment? Report as a percentage to two decimal places.

Reference no: EM13837069

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