Answer to Question #213071 in Macroeconomics for geoffrey

Question

a)     Suppose that UNZA is a country with a population of 321,166,640 people of which the number of unemployed people is 121,166,640. The employment rate in this economy is 0.104, and the labour force participation rate 72.5%.

Answer 1

(i)

$labor \space force =\frac{unemployed}{unemployment \space rate}$

$=\frac{121,166,640}{0.104}×100\\=116,505,384,600$

(ii) unemployed people $=121,166,640$

(iii)

$working age =\space{employed}{labor \space force\space participation \space rate}$

$=\frac{11,638,521,800}{0.0725}\\=160,531,335,200$