Question: Hi. Could you help me answer these questions please? A given economy consists of the following: Adult Population: 15 million Full-Time Workers: 8 million Part-Time

Hi. Could you help me answer these questions please?

A given economy consists of the following:

Adult Population: 15 million

Full-Time Workers: 8 million

Part-Time Workers: 2 million

Workers without jobs that have not looked for work in past 4 weeks: 4.4 million

Workers without jobs that have looked for work in the past 4 weeks: 0.6 million

1. What is the economy's official unemployment rate? (round to the tenths)

2. What is the economy's labor force participation rate? (round to the tenths)

3. Which of the following age groups have the highest unemployment rates?

a. 16 to 24 years old

b. 25 to 54 years old

c. 55 to 64 years old

d. 65 and older

4. Which of the following age groups have the lowest labor force participation rates?

a. 16 to 24 years old

b. 25 to 54 years old

c. 55 to 64 years old

d. 65 and older

5. True or False: Most part-time workers would work full-time if they could find full-time jobs

a. True

b. False

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!