4. Consider an economy with the following labor force characteristics:
Number of people employed E =135 million
Number of people unemployed U= 15 million
Number of people officially classified as out of the labor force O= 150 million
a.Calculate the unemployment rate using the above data.
b. Calculate the labor force participation rate using the above data.
c. Assume that 10 million unemployed people quit looking for work and 10 million of those people currently out of the labor force make a permanent move from their current residences in Springfield Massachusetts to Hobart Tasmania where they apply for permanent residency. Tasmania is a state in the nation of Australia. Calculate the new labor force participation rate for the United States.
4. Consider an economy with the following labor force characteristics:
Number of people employed E =135 million
Number of people unemployed U= 15 million
Number of people officially classified as out of the labor force O= 150 million
a.Calculate the unemployment rate using the above data.
b. Calculate the labor force participation rate using the above data.
c. Assume that 10 million unemployed people quit looking for work and 10 million of those people currently out of the labor force make a permanent move from their current residences in Springfield Massachusetts to Hobart Tasmania where they apply for permanent residency. Tasmania is a state in the nation of Australia. Calculate the new labor force participation rate for the United States.
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