How are the labor force and the unemployment rate calculated?
What will be an ideal response?
The labor force is the sum of employed and unemployed workers in the economy. The unemployment rate is the percentage of the labor force that is unemployed, so is calculated as the number of unemployed people divided by the labor force.
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The difference between the simple Keynesian model and the IS-LM curve model is that the latter
a. excludes a money market and interest rates. b. includes a commodity market and flexible income. c. excludes a commodity market and interest rates. d. includes a money market and flexible interest rates.Figure 7-3
When Macroland's central banking authority reduces the legal reserve requirement by one half, the potential demand deposits will double
Indicate whether the statement is true or false
In contrast to changes in government spending, tax changes affect spending
a. directly. b. in the same proportion. c. by a greater amount. d. indirectly.
If the price system is allowed to function without interference and a surplus occurs, quantity demanded will _____________ and quantity supplied will _____________ until the price falls to its equilibrium.
A. rise; rise B. fall; fall C. rise; fall D. fall; rise