Question

Suppose the civilian noninstitutionalized working-age population is 35.9 million in in a hypothetical economy. Of these, 4.9 million are working part-time and 14.53 million are working full-time. Assume the Bureau of Labor Statistics (BLS) definitions are used for calculating unemployment data. Among those not working, the most recent job-search activity for 2.90 million happened less than two weeks ago, while 1.72 million most recently looked for work between two and four weeks ago. An additional 0.86 million most recently looked for work five weeks ago, and the remaining 10.99 million who do not have jobs have not looked for work in the past six weeks. Round your answers to two decimal places.
1. What is the size of the total labor force?

Answer 1

Answer:

24.05 million

Explanation:

The computation of the size of the total labor force is shown below:

Size of the labor force = Number of employed people + number of unemployed people

where,

Number of employed people = Number of people working full time + number of people working part time

= 14.53 million + 4.9 million

= 19.43 million

Number of unemployed people = Less than two weeks + two and four weeks ago

= 2.90 million + 1.72 million

= 4.62 million

So, the size of the labor force is

= 19.43 million + 4.62 million

= 24.05 million