# WORKSHEET 2_answers - WORKSHEET 2 ANWERS Recitation for...

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WORKSHEET 2 - ANWERS Recitation for Economics 2020-300 – Principles of Macroeconomics Spring 2008 1) Define “Unemployed”: -not employed but were available for work and looked for work in the last four weeks, or on temporary layoff. 2) Use the following information about Employment Country to answer question 1. Numbers are in Millions. 2004 2005 Population 223.6 226.5 Adult population 168.2 169.5 Number of unemployed 7.4 8.1 Number of employed 105.2 104.2 a. What is the labor force in 2004 and 2005? 2004: 7.4 + 105.2 = 112.6 million 2005: 8.1 + 104.2 = 112.3 million b. What is the labor force participation rate in 2004 and 2005? 2004: (112.6/168.2)*100 = 66.9% 2005: (112.3/169.5)*100 = 66.3% c. What is the unemployment rate in 2004 and 2005? 2004: (7.4/112.6)*100 = 6.6% 2005: (8.1/112.3)*100 = 7.2% d. From 2004 to 2005, the adult population went up while the labor force went down. Provide a number of explanations why this might have occurred. - Earlier retirements, students staying in college longer, more parents staying at

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WORKSHEET 2_answers - WORKSHEET 2 ANWERS Recitation for...

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