help (1 Viewer)

[Arithela]

http://www.boardofstudies.nsw.edu.au/hsc_exams/hsc2005exams/pdf_doc/economics_05.pdf

Question 20

Ok, so participation rate = labour force/working age population

and unemployment rate = unemployed people/labour force


for PR i got (9+3)/15 = 80%

but for U/E rate i got 3/(9+3) which is wrong.

shouldn't the labour force be (9+3) in both cases?

 

[pissedoff]

You seem to be a bit confused

You are correct the participation rate is 80% as it takes into account whoever participates in the workforce over the population aged over 15. So essentially

labour force / everyone over 15 = 12/15*100

Unemployment rate is 3/12*100 = 25%, as it is those who are unemployed over the labour force

3/12

 

[Arithela]

oops, you're right. i thought 1/4 = 20%