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How many people are unemployed

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-The current unemployment rate is 7% and the number of people in the labour force is 250,000. Use this information to find the following.

-How many people are unemployed?

-If the working age population is 480,000, what is the labour force participation rate?

-Anna, who lives in Adelaide is trained in car assembly and has 30 years worth of experience working in car manufacturing plants. Recently, however all car manufacturing ceased in Australia and Anna was made redundant. She has continued looking for work but remains unsuccessful, and she has taken on no new training or skills. What does Anna's situation tell you about Australia's output gap at present, and what does this indicate with respect to the relationship between the actual unemployment rate and the full-employment rate?

Reference no: EM132503757

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