In July 2009, in the economy of Sandy Island, 10,000 people were employed, 1,000 were unemployed, and 5,000 were not in the labor force. During August 2009, 80 people lost their jobs and didnât look for new ones, 20 people quit their jobs and retired, 150 unemployed people were hired, 50 people quit the labor force, and 40 people entered the labor force to look for work.
a) Calculate the unemployment rate for July 2009.
b) Calculate the employment-to-population ratio for July 2009.
c) Calculate the number of people unemployed at the end of August 2009.
d) Calculate the number of people employed for the end of August 2009.
e) Calculate the unemployment rate for the end of August 2009.
In July 2009, in the economy of Sandy Island, 10,000 people were employed, 1,000 were unemployed, and 5,000 were not in the labor force. During August 2009, 80 people lost their jobs and didnât look for new ones, 20 people quit their jobs and retired, 150 unemployed people were hired, 50 people quit the labor force, and 40 people entered the labor force to look for work.
a) Calculate the unemployment rate for July 2009.
b) Calculate the employment-to-population ratio for July 2009.
c) Calculate the number of people unemployed at the end of August 2009.
d) Calculate the number of people employed for the end of August 2009.
e) Calculate the unemployment rate for the end of August 2009.
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