How many people are in the labor force?
Given the following information, how many people are in the labor force? 3 million people are collecting unemployment insurance, 7 million people are officially unemployed, 2 million people are discouraged workers, and 110 million people are employed
Answer:
LF = employed + unemployed
117 = 110 + 7
Ignore the 3 million collecting UI and the discouraged workers are not part of the work force since they are not looking for a job (i.e., unemployed)
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Answer:
LF = employed + unemployed
117 = 110 + 7
Ignore the 3 million collecting UI and the discouraged workers are not part of the work force since they are not looking for a job (i.e., unemployed)
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