Total population Labor force PART A Total population in mill

Total population Labor force PART A Total population (in millions) is 307, under 16 or institutionalized 69.3, employed 139.1, unemployed 14.6. Using the PowerPoint for this chapter, can you label the boxes in the graph (don\'t need to turn in graph) and answer the following questions: 1. What is the size of the labor force? (Show your work). 2. What number is classified as \"not in the labor force?\" (Show your work) 3. What is the unemployment rate? (Show your work).

Solution

(1) Labor force (Million) = Employed + Unemployed = 139.1 + 14.6 = 153.7

(2) Not in labor force (Million) = Total population - Under 16/Institutionalized - Labor force = 307 - 69.3 - 153.7

= 84

(3) Unemployment rate = Unemployed / Labor force = 14.6 Million / 153.7 Million = 0.095 = 9.5%

(4) Components of Labelled boxes are not indicated in graph.