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ity . ECO WileyPLUS Nhighered .comNew Tab × learning.com ibiscms/modbis/view.php?id-4978844 D @wsU Lib e AALP w Canvas C Marshall Jumpto... Question 6 of 16 Sapling Learning Map . The table below shows employment statistics for the fictional country of Summerlandia. Use the information to answer the following questions. Round your percentages to two decimal places Number of people 492 Not in the labor force 591 What is the total labor force? What is the labor force participation rate? What is the unemployment rate? Number Number Number Suppose 276 of the 492 unemployed people have been unemployed for so long, they stop looking for work. What is the new unemployment rate? What is the new labor force? What is the new labor force participation rate? Number Number Number Ext .0 Previous Give Up & View Solton e Check Answer ONet Hint about us | careers | privacy policy terms ofuse / coeset us ! he

Solution

Question 1). Solution :- Total population = Employed + Unemployed + Not in the labor force.

= 4905 + 492 + 591

= 5988.

Total labor force = Employed + Unemployed

= 4905 + 492

= 5397.

Labor force participation rate = Labor force / Total population.

= 5397 / 5988

= 0.9013 i.e., 90.13 %

Unemployment rate = Unemployed / Labor force.

= 492 / 5397

= 0.0912 i.e., 9.12 %

Conclusion :-

Question 2). Solution :- Out of 492 unemployed people, 276 people stopped looking for the work :-

New labor force = Employed + Unemployed

= 4905 + (492 - 276)

= 4905 + 216

= 5121.

Note :- People who stopped looking for the work (276 people) will not be considered as unemployed. Infact, They are now not the part of labor force at all.  

New labor force participation rate = New labor force / Total population.

= 5121 / 5988

= 0.8552 i.e., 85.52 %

New unemployment rate = Unemployed / New Labor force.

= (492 - 276) / 5121

= 216 / 5121

= 0.0422 i.e., 4.22 %

Conclusion :-

Total labor force	5397.
Labor force participation rate	90.13 %
Unemployment rate	9.12 %