Contemporary Labor Economics 9th Edition by Campbell Mcconnell, Stanley Brue, David Macpherson, Robert Powell, David Colander

Exercise 3

Use the following data to calculate (a) the size of the labor force, (b) the official unemployment rate, and (c) the labor force participation rate (Chapter 3) for a hypothetical economy: population = 500; population 16 years or older and non- institutionalized = 400; people employed full- or part-time = 200; people unemployed and actively seeking work = 20; people who have quit seeking work due to lack of success = 10; part-time workers seeking full-time jobs = 30.