Define the unemployment rate and labor-force participation rate. Discuss the differences between these two rates
What will be an ideal response?
The unemployment rate is defined as [(number of unemployed) ÷ (labor force)] × 100, and the labor force participation rate is defined as is [(labor force) ÷ (working-age population)] × 100. The two measures give different perspectives on the labor market. The labor force participation rate tells the percentage of the working-age population that is either working or is available for work. The unemployment rate tells the percentage of the people working or available for work (the labor force) who do not have jobs.
You might also like to view...
Over time, nations tend to converge to
A) the same balanced growth path and same income per capita. B) the same balanced growth path but varying income per capita. C) different balanced growth paths but the same income per capita. D) different balanced growth paths because of varying income per capita.
A weak U.S. dollar is one that has:
a. c and e. b. d and e. c. depreciated. d. appreciated. e. helped U.S. exporters.