What is the unemployment rate for this simple economy

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Reference no: EM131101297

Total population 20,000

Working-age population 15,000

Employment 10,000

Unemployment 1000

Consider the data above for a simple economy.

1) What is the unemployment rate for this simple economy?

2) What is the labor force participation rate for this simple economy?

3) Suppose the working-age population of a fictional economy falls into the following categories: 90 are retired or homemakers; 60 have full-time employment; 20 have part-time employment; 20 do not have employment, but are actively looking for employment; and 10 would like employment but do not have employment and are not actively looking for employment. The official unemployment rate as calculated by the U.S. Bureau of Labor would equal ______%.

Reference no: EM131101297

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