MacroeconomicsChapter9 - Chapter 9 1 is the percentage of the working-age population in the labor force a The labor force participation rate 2 Suppose

# MacroeconomicsChapter9 - Chapter 9 1 is the percentage of...

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Chapter 91._____ is the percentage of the working-age population in the labor force.a.The labor force participation rate2.Suppose an economy is given by:Population = 292 millionWorking Age Population = 150 millionLabor Force = 114 millionThe number of people employed = 107 millionThe number of people unemployed = 70 millionThe labor force participation rate for this economy is ____%Labor Force Participation Rate Formula: Labor Force / Working Age Populationa.76%3.As of August 2015, which of the following demographic groups has the highest unemployment rate?a.African Americansb.Asiansc.Whitesd.Hispanics4.Why is the unemployment rate, as measured by the Bureau of Labor Statistics, an imperfect measure of the extent of joblessness in the economy?5.Which of the following formulas does the Bureau of Labor Statistics use to calculate the unemployment rate?6.The unemployment rate7.Suppose an economy is given by:Population = 291 millionLabor Force = 185 millionThe number of people employed = 177.6 millionThe number of people unemployed = 7.4 million
The unemployment rate is ____%Unemployment Rate Formula: (Number of unemployed / Number in labor force) x 100b.4%8.The Bureau of Labor Statistics would categorize a retiree who is not working as _________.a.out of the labor force [no longer required to contribute (like children)]b.unemployedc.a discouraged workerd.employed