Answer:
a. Labour Force = 70 people
Labour Force Participation Rate = 87.5%
b. Unemployed = 60 people
Unemployed Rate = 85.7 %
c. Total Employment
By Household Survey = 60 people
By Establishment Survey = 65 people
Explanation:
Given
Total number of People = 100
Full time = 25
Part time = 20
2 part time jobs = 5
Looking for job = 10
Not looking for job = 10
Business owners = 10
Retired = 10
Children = 10
a.
Labour Force = Total people in the economy - (Retired + Children + Not looking for job)
Labour Force = 100 - (10 + 10 + 10)
Labour Force = 100 - 30
Labour Force = 70 People
Labour Force Participation Rate is calculated by dividing the number of people actively participating in the labor force by the total number of people eligible to participate in the labor force
Number of active participant = Labour Force = 70
Number of eligible participants = 70 + 10 (discourage workers not looking for job)
Number of eligible participants = 80
Labour Force Participation Rate = 70/80
Labour Force Participation Rate = 0.875
Labour Force Participation Rate = 87.5%
b.
Unemployed People = Labour Force - 10 (people looking for job)
Unemployed People = 70 - 10
Unemployed People = 60 people
Unemployed Rate = Unemployed People/ Labour Force
Unemployed Rate = 60/70
Unemployed Rate = 0.857
Unemployed Rate = 85.7%
c.
Total Employment
I. Using Household Survey
Here, the number of people with source of income is counted
Total = Full-time +. Part time + 2 part time jobs + business owners
Total = 25 + 20 + 5 + 10
Total = 60 people
Ii. Using Establishment Survey
Here the number of jobs is counted. So, those with 2 part time job owners are counted as 5 * 2 jobs = 10
Total = Full-time +. Part time + 2 part time jobs + business owners
Total = 25 + 20 + 10 + 10
Total = 65 People
