The following table represents the data for an economy in 2017

Category	Number   (Millions)
Labor Force	420
Employed workers	395
Working age population	450
Population	500
Frictional Unemployment	1%
Structural Unemployment	2%

 

Using the above table:

1. What is the “Not in Labor Force” value?

2. Calculate the unemployment rate?

3. What is the labor force participation rate value?

4. What is the employment to population ratio value?

5. What is the value of cyclical unemployment?

 

 

 

Answer rating: 100% (QA)

1 To calculate the Not in Labor Force value we need to subtract the labor force from the working age population The labor force is 420 million and the ... View the full answer