Econ-5.2 Part 2 Formative Assessment- Option 1

A country has a total non-institutional civilian population of 150 million people. Of this population, 90 million people are employed, and 10 million people are unemployed. What is amount of people in the labor force?

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A country has a total non-institutional civilian population of 200 million people. Out of this population, 120 million are in the labor force, and 100 million are employed. What is the labor force participation rate?

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 If there are 32,000 people employed; 2,000 people unemployed; & 500 discouraged workers, then the unemployment rate is _____ %

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If, in the US, there are 50,000 people unemployed and 850,000 people employed, what is the US's unemployment rate? Based on the given Goal Unemployment Rate for this US, is the US at full employment? If not, how much cyclical unemployment exists in the US?

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