Question

the data of macroeconomics — end of chapter problem an economy has 100 people working full - time, 20 people working half - time, 40 people looking for work, and 20 people who would like to work but have given up looking for a job after an unsuccessful search, 20 retirees, and 30 children. calculate the following labor statistics. a. number of employed: 　　　　　　　　　　 b. number of unemployed: 　　　　　　　　　　 c. size of the labor force: 　　　　　　　　　　 d. unemployment rate: 　　　　　　　　　　% e. labor - force participation rate: 　　　　　　　　　　%

Explanation:

Part a: Number of employed

Step1: Define employed

Employed includes full - time and half - time workers. Full - time: 100, half - time: 20.

Step2: Calculate employed

Employed = Full - time + Half - time = 100+20 = 120.

Step1: Define unemployed

Unemployed are those looking for work (discouraged workers are not unemployed). So unemployed = 40.

Step1: Define labor force

Labor force = Employed + Unemployed.

Step2: Calculate labor force

From part a, employed = 120; from part b, unemployed = 40. So labor force = 120 + 40=160.

Answer:

120

Part b: Number of unemployed