You are given the following data for the five countries The

You are given the following data for the five countries. The numbers are in thousands. Of the five countri 25. which of the following statements is correct? Select one answer UK has the smallest number of unemployed people. USA has the highest participation rate. a. b. west employment rate. d. Japan has the lowest unemployment rate.

Solution

Labor force participation Rate = Labor force /Population of working Age.

Greece = 4804/9,213

= .52 or 52 %

Itlay = 25,770 / 52,058

=.49 or 49 %

Japan = 66,480 / 110,780

=0.60 or 60 %

UK = 33,239/52,812

= 0.629 or 62 %

USA = 159,187/ 253,538

= 0.627 or 62 %

Unemployment Rate:

= Unemployed/ Labor force

Greece ; 4804 - 3674 = 1130

= 1130/4804

=0. 23 or 23 %

Itlay; 25, 770 - 22,758 =3012

=3012/25,770

=0.116 or 11 %

Japan; 66480 - 64,400 = 2080

=2080/66,480

=0.031 or 3.1%

UK;33,239 - 31,640 =1599

=1599/33,239

=0.048 or 4.8 %

USA ;159,187 - 151, 436=7,751

= 7,751/ 159, 187

=0.0486 or 4.86 %

Japan has lowest unemployment rate at 3.1%.

Right answer is (d)