Question
Use the data below to answer each question to the right. (in thousands) Working age 2500 population Labor force 1550 Employed 1364 Not in the labor force 950 5 1 point Calculate the number of unemployed (in thousands). Typeyouranswer 6 1 point Calculate the labor force participation rate. Typeyouranswer 7 1 point Calculate the unemployment rate.
Answer
4.6
(200 Votes)
Vance
Elite · Tutor for 8 years
Answer
### 1. 186 (thousands)### 2. 62%### 3. 12%
Explanation
## Step 1: Calculate the number of unemployed### Subtract the number of employed from the labor force:
## Step 2: Calculate the labor force participation rate### Divide the labor force by the working age population and multiply by 100:
## Step 3: Calculate the unemployment rate### Divide the number of unemployed by the labor force and multiply by 100: