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Suppose the civilian noninstitutionalized working-age population is 35.9 million in a hypothetical economy. Of these, 4.4 million are working part-time and 13.19 million are working full-time. Assume the Bureau of Labor Statistics (BLS) definitions are used for calculating unemployment data.

Among those not working:
- 3.40 million had their most recent job-search activity less than two weeks ago.
- 1.72 million most recently looked for work between two and four weeks ago.
- 0.86 million most recently looked for work five weeks ago.
- The remaining 12.33 million have not looked for work in the past six weeks.

Round your answers to two decimal places.

1. What is the size of the total labor force? ______ million

2. How many people are unemployed? ______ million

3. What is the labor force participation rate? ______

4. What is the unemployment rate? ______

5. Which individual is out of the labor force?
A. William is without a job, is able to work, but is not actively looking for work.
B. Joshua is working 40 hours per week.
C. Abigail is working 8 hours per week.
D. Judy is without a job, is able to work, and is actively looking for work.

Answer :

The size of the total labor force can be calculated by adding the number of people who are working full-time (13.19 million) and the number of people who are working part-time (4.4 million):

Total labor force = 13.19 million + 4.4 million = 17.59 million

To calculate the number of unemployed individuals, we need to subtract the number of employed individuals from the total labor force: Unemployed individuals = 35.9 million - 17.59 million = 18.31 million

The labor force participation rate is the percentage of the working-age population that is either employed or actively seeking employment. We can calculate it by dividing the total labor force by the civilian noninstitutionalized working-age population and multiplying by 100:

Labor force participation rate = (17.59 million / 35.9 million) x 100 = 49.04%. The unemployment rate is the percentage of the labor force that is unemployed. We can calculate it by dividing the number of unemployed individuals by the total labor force and multiplying by 100: Unemployment rate = (18.31 million / 17.59 million) x 100 = 104.10%

This unemployment rate is greater than 100%, which is not possible. There appears to be an error in the data provided, as the number of unemployed individuals exceeds the total labor force. Out of the individuals listed, the one who is out of the labor force is William, as they are not actively looking for work. Joshua and Abigail are employed, while Judy is actively looking for work and therefore part of the labor force.

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