The table shows employment statistics for a fictional country. Use the information to answer the questions. Round yourpercentages to two decimal places.CategoryEmployedUnemployedNot in the labor forceWhat is the total labor force?Number of people4905492591What is the labor force participation rate?What is the unemployment rate?%% Suppose 256 of the 492 unemployed people have beenunemployed for so long that they stop looking for work.What is the new labor force?What is the new labor force participation rate?What is the new unemployment rate?%%

Answered: The table shows employment statistics…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 34CTQ: Is the higher unemployment rates for minority workers necessarily an indication of discrimination?...

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Suppose 256 of the 492 unemployed people have been
unemployed for so long that they stop looking for work.
What is the new labor force?
What is the new labor force participation rate?
What is the new unemployment rate?
%
%

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Employment is when people are employed in full-time or part-time roles, and are able to earn income as a result. Unemployment is when people are out of work, either due to a lack of available jobs, or because they cannot find full-time work. People who are unemployed may experience negative effects since they are unable to get employment and cannot earn any money. Because unemployment can lead to more poverty and slower economic growth, it can also have wider economic implications.

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