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consider the economy whose data appear in the table below. category value working-age population 120,000 labor force 75,000 unemployed 14,000 instructions: enter your answers as a percentage rounded to one decimal place. a. the unemployment rate is: %. b. the labor-force participation rate is: %.
consider the economy whose data appear in the table below. category value working-age population 120,000 labor force 75,000 unemployed 14,000 instructions: enter your answers as a percentage rounded to one decimal place. a. the unemployment rate is: %. b. the labor-force participation rate is: %.
Final answer:The unemployment rate is 18.7% and the labor force participation rate is 62.5%.Explanation:The unemployment rate is calculated by dividing the number of unemployed people by the total number in the labor force, and then multiplying that number by 100 to get a percentage. Using the numbers you provided (14,000 unemployed out of a labor force of 75,000):Unemployment rate= (14,000 / 75,000) x 100 = 18.7%The labor force participation rate is calculated by dividing the total labor force by the working-age population, and then multiplying that number by 100 to get a percentage. Using the numbers you provided (75,000 in the labor force out of a working-age population of 120,000):Labor-force participation rate= (75,000 / 120,000) x 100 = 62.5%Learn more about Unemployment and Labor Force Participation Rates here:brainly.com/question/34584331#SPJ4...