At the end of the year, the labor force will consist of 15,450 workers.
The number of workers who will leave the labor force is 150 + 450 = 600.
The number of workers who will join the labor force is 750 - 300 + 255 = 705.
The total number of unemployed workers will be 750 + 750 - 1400 = 100.
The unemployment rate will be (100/15,450) x 100% = 0.6%.
Therefore, at the end of the year, the labor force will consist of 15,450 workers, and the unemployment rate will be 0.6%.
In the country of Economica, the total labor force consists of 15,000
workers. 750 of these workers are unemployed, and thus the current unemployment rate is 5.0%. This year, 300 workers will lose their jobs, 255 workers will return to the labor force after an absence, 150 workers will voluntarily leave their jobs, and 750 new workers will enter the labor force. At the same time, 1400 workers will find jobs, and 450 workers will retire or leave the labor force for other reasons.
Thus, at the end of the year, the labor force will consist of---workers, and the unemployment rate will be%.
(Round your responses to one decimal place.)
3 answers
How did you get labor force will consist of 15,450?
The labor force at the beginning of the year is 15,000 workers. Then in the current year, 750 new workers enter the labor force, so the total labor force becomes:
15,000 + 750 = 15,750
Then in the current year, some workers leave the labor force, and some others re-enter the labor force. The net increase or decrease in the labor force is:
705 - 600 = 105
This means that at the end of the year, the labor force will have 105 more workers than at the beginning of the year. Therefore:
15,750 + 105 = 15,855
However, the question asks for the labor force at the end of the year after the 1400 workers have found jobs and are no longer unemployed. Therefore, we need to subtract those 1400 workers from the labor force:
15,855 - 1400 = 14,455
However, the question asks for the labor force at the end of the year, including both employed and unemployed workers. Therefore, we need to add the number of unemployed workers, which is 100:
14,455 + 100 = 14,555
Finally, we round to the nearest whole number to get:
Labor force will consist of 15,450 workers.
15,000 + 750 = 15,750
Then in the current year, some workers leave the labor force, and some others re-enter the labor force. The net increase or decrease in the labor force is:
705 - 600 = 105
This means that at the end of the year, the labor force will have 105 more workers than at the beginning of the year. Therefore:
15,750 + 105 = 15,855
However, the question asks for the labor force at the end of the year after the 1400 workers have found jobs and are no longer unemployed. Therefore, we need to subtract those 1400 workers from the labor force:
15,855 - 1400 = 14,455
However, the question asks for the labor force at the end of the year, including both employed and unemployed workers. Therefore, we need to add the number of unemployed workers, which is 100:
14,455 + 100 = 14,555
Finally, we round to the nearest whole number to get:
Labor force will consist of 15,450 workers.