The table below uses data for three hypothetical countries. All the number values are in thousands
3) The table below uses data for three hypothetical countries. All the number values are in thousands.
a. Complete the following table:
|Country||Adult Population||Labor Force||Employed||Unemployed||Unemployment Rate||Labor-Force Participation Rate|
High rate of unemployment in an economy negatively affects individuals, their families, and a nation as a whole since labor force is a very important productive resource. Based on this background information and the table you completed under “3a”, answer the following questions.
b. How does the government officially measure employment and unemployment in the economy? Why is it usually stated that the official unemployment rate likely underestimates the actual level of unemployment in the economy?
c. Based on the table under “3a”, describe the relationship between employment and economic well-being in the economy for each country. What are the impacts of labor force utilization and high unemployment rate on the national economy of country A, B, and C?
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