Answer:
At the end of the year, the labor force will consist of 15,555 workers
The unemployment rate will be 7.71%
Explanation:
In order to calculate the labor force we would have to make the following calculation:
labor force=labour force - workers will lose their jobs +workers will return to the labor force - workers voluntary leave their jobs + new workers entered
labor force= 15,000 - 300 + 255 - 150 + 750
labor force=15,555
At the end of the year, the labor force will consist of 15,555 workers
In order to calculate the unemployment rate we would have to make the following calculation:
unemployment rate=Unemployed labour force/labor force
Unemployed labour force=new workers entered+workers will lose their jobs+workers voluntary leave their jobs
Unemployed labour force=750 + 300 + 150
Unemployed labour force=1,200
Therefore, unemployment rate=1,200/15,555
unemployment rate= 7.71%
The unemployment rate will be 7.71%
