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# ecoc101 w4 - CHAPTER 19 1 The ABS reported the following...

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CHAPTER 19 1. The ABS reported the following data for October 2008: Labour force: 11,247,000 Employment: 10,750,000 Working-age population: 17,278,000 Calculate for that month the: a. Unemployment rate. Unemployment rate is 4.42 per cent. The unemployment rate is the percentage of the labour force that is unemployed. The labour force is the sum of the people unemployed and the people employed. So the number of people who are unemployed is 11,247,000 minus 10,750,0000, which is 497,000. The unemployment rate equals (the number of people unemployed divided by the labour force) multiplied by 100. That is, (497,000 ÷ 11,247,000) 100, which is 4.42 per cent. b. Labour force participation rate. The labour force participation rate is 65.1 per cent. The labour force participation rate is the percentage of the working-age population that is in the labour force. The working-age population is 17,278,000 and the labour force is 11,247,000, so the labour force participation rate equals (11,247,000 ÷ 17,278,000) 100, which equals 65.1 per cent. c. Employment-to-population ratio. The employment-to-population ratio is 62.21 per cent. The employment-to- population ratio is the percentage of the people of working age who have jobs. The employment-to-population ratio is equal to the number of people employed divided by the working-age population all multiplied by 100. The employment-to-population ratio is (10,750,000 ÷ 17,278,000) 100, which is 62.21 per cent. 3. In July 2009, in the economy of Sandy Island, 10,000 people were employed, 1,000 were unemployed, and 5,000 were not in the labour force. During August 2009, 80 people lost their jobs and didn’t look for new ones, 20 people quit their jobs and retired, 150 people were hired or recalled, 50 people withdrew from the labour force, and 40 people entered or reentered the labour force. Calculate for July 2009 a. The unemployment rate.

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ecoc101 w4 - CHAPTER 19 1 The ABS reported the following...

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