In April 2000, the United States had a labor force of 141,230,000, employment of 135,706,000, and there were 67,986,000 people not in the labor force (all numbers rounded to the nearest 1000).(a)Calculate the unemployment rate.(b)Calculate the participation rate.(c)Calculate the employment ratio.
What will be an ideal response?
| (a) | Unemployment = labor force - employment = 141,230,000 - 135,706,000 = 5,524,000, so the |
| (b) | The participation rate is the fraction of the adult population in the labor force. The adult |
| (c) | The employment ratio is the employed fraction of the adult population, which is |
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Indicate whether the statement is true or false
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a. True b. False
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