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wileyPLUSNhighered.co xyNe. Tab . Wayne State University-ECO × com/ibiscms/mod/ibis/view.phpid-4978844 isu Lib e LP w Canvas-USC Marshall Jump to... Gradebo 28/2018 11:59 PM 63.1/1001/28/2018 09:08 PM Print Calculator on 3 of 16 Map Sapling Learning Suppose the civilian noninstitutionalized working age population is 35.9 million in Laborland, 4.9 million are working part time, and 14.53 iioe orking full time. Laborland used the Bureau of Labor Statistics (BLS) definitions for unemployment data. those not working, the most recent job search activity for 2.90 million happened less than two weeks ago, while·72 million most recently looked for work between two and four weeks ago. An additional 0.86 million most recently looked for work five weeks ago, and the remaining 10.99 million who don\'t have jobs have not looked for work in the past six weeks. Round your answers to two decimal places What is Laborland\'s total labor force? What is Laborland\'s labor force participation rate? Number Number million How many people are unemployed in Laborland? What is Laborland\'s unemployment rate? Number Number million O Previous Give Up & View Solution (2) Check Answer Next Exit

Solution

Ans:

People who have actively looked for work in prior 4 weeks and available for work are only counted as unemployed.

Unemployed people in laborland = 2.9 million + 1.72 million

= 4.62 million

Employed people in laborland = 4.9 million + 14.53 million

= 19.43 million

1) Laborland\'s total labor force = Employed + Unemployed

= 19.43 million + 4.62 million

= 24.05 million

2) Laborland\'s labor force participation rate = Labor force / Working Age non-institutionalized Population

= 24.05 million / 35.9 million

= 0.6699 or 66.99%

3) Number of people unemployed in laborland = 2.9 million + 1.72 million

= 4.62 million

.4) Laborland\'s unemployment rate = unemployed / labor force

= 4.62 million / 24.05 million

= 0.1922 or 19.22%