A survey is conducted in an economy with a population of 1.5 million with 75% of the population above the age of 14. 30% individuals are employed. On being asked whether they are willing and/or actively looking for work, 60% of the population answers in the affirmative. The remaining 10% state that they are neither looking for work, nor available for work. It is also known that half of these individuals who are neither looking for work, nor available for work were earlier willing and/or actively looking for work.

1. What is the labour force participation rate in this economy?

2. How many people belong to the workforce?

3. How many people are unemployed in the economy?

4. What is the unemployment rate in the economy?

5. Comment on the workers who are neither looking for work, nor available for work. And those who were earlier looking for work but have now transitioned into not looking for work.

Answer rating: 100% (QA)

1 What is the labor force participation rate in this economy The labor force is defined as all the m... View the full answer