how to caluclate labor force & unemployment rate?

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Pop: 5000, Under age 16: 2000, Retirees: 1000, Institutionalized: 300, Looking for Work: 300

2007-11-03 16:17:03 · 2 answers · asked by J S 1 in Social Science ➔ Economics

labor force = 5000 - (2000+1000+300) = 1700
unemployment rate = 300 / 1700

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Meg:
you missed the 300 institutionalized people.

2007-11-03 16:35:26 · answer #1 · answered by Homer J. Simpson 6 · 0⤊ 0⤋

People looking for work are part of the labor force so
=5000-2000-1000=2000
Unemployment rate=300/2000

2007-11-04 00:03:47 · answer #2 · answered by meg 7 · 0⤊ 0⤋