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Nation labor market situation

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Suppose the following data describe a nation's labor market situation in years 1 and 2.  Year 3 is just like Year 2 except that 2 million more people become "discouraged workers". Please fill in the blanks in the table below and explain your calculations.

 

Year 1

Year 2

Year 3

Population

400

400

400

Labor Force

200

200

 

Labor Force Participation Rate

50%

50%

 

Number unemployed

10.0

12.0

 

Unemployment rate

5%

6%

 

Number employed

190

188

 

Employment  to Population  rate

48%

47%

 

 

Reference no: EM133064012

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