Answer to Question #162216 in Economics of Enterprise for ba

Question

1. What was the labor force participation rate in Econostan in 2016?

Answer 1

The population of the country Econostan is 500,000 people, with 100,000 children, 50,000 elderly, and 350,000 working age people (assume no elderly people want to work). In 2016 225,000 people in Econostan had a paying job and 50,000 people didn't have a job but were actively looking for one. In 2017 220,000 people in Econostan had a paying job and 30,000 people didn't have a job but were actively looking for one.