AT&T; 1V 2496L , her kids, scho8:57 PM QUESTION 14 4points Save Answer Use the f

ID: 1103063 • Letter: A

Question

AT&T; 1V 2496L , her kids, scho8:57 PM QUESTION 14 4points Save Answer Use the following table to fill in the blanks below Fill in only whole numbers (no labels or symbols). Population In Millions Children Working Full Time Retired Not working for personal reasons (not looking) Part-time workers (personal reasons) Part-time workers (economic reasons/want full time work) Not working (and looking for work) Not working (gave up looking for work)0 Prison Population Full Time Students 30 120 50 15 20 70 35 25 5 10 In this country the total population is mlion people. Of those million people are in the abor force. The traditional unemployment rate is %, However if we were to include discouraged and underemployed workers, the unemployment rate would be %round up to the nearest whole number).

Explanation / Answer

We have been given the following information

Category

Population in Millions

Children

Working Full Time

120

Retired

Disabled

Not working for personal reasons (not looking)

Part-time workers (personal reasons)

Part-time workers (economic reasons/want full time work)

Not working (and looking for work)

Not working (gave up looking for work)

Prison population

Full time students

Total Population

390

The total population in this country is 390 million.

Number of people in the labor force = (Working Full Time + Disabled + Part-time workers (personal reasons) + Part-time workers (economic reasons/want full time work) + Not working (and looking for work))

Number of people in the labor force = (120 + 15 + 70 + 35 + 25) million

Number of people in the labor force = 265 million

Unemployment rate measures the share of total labor force that is unemployed.

Unemployment rate = (unemployed/total labor force) x 100

Unemployed = (Disabled + Not working (and looking for work))

Unemployed = 40 million

Unemployment rate = (40/265) x 100

Unemployment rate = 15%

Now, it is given that we need to consider the discouraged and underemployed workers.

Discouraged workers = Not working (gave up looking for work)

Discouraged workers = 10 million

Underemployed workers = Part-time workers (economic reasons/want full time work)

Underemployed workers = 35 million

So, the new total unemployed population = 40 + 35 + 10

New unemployed population = 85 million

New Labor force = Old labor force + Not working (gave up looking for work)

New labor force = (265 + 10) million

New labor force = 275 million

New Unemployment rate = (85/275) x 100

Unemployment rate = 31%