Use the Following Data to Calculate: (A) the Size of the Labour

question 33

Essay

Use the following data to calculate: (a) the size of the labour force and (b) the official unemployment rate.Total population 1,500; population under age 15 and institutionalized, 360; not in labour force, 450; unemployed, 69; workers with part-time jobs who are looking for full-time jobs, 30.

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Definitions:

Preventive Maintenance

Scheduled maintenance carried out to prevent machinery or equipment from failing, aimed at minimizing unexpected breakdowns and production stoppages.

Useful Life

The estimated duration during which an asset is expected to be usable for its intended purpose.

Differentiation Value

The perceived value that a company's products or services provide over and above its competitors, often derived from unique features or superior quality.

Inspection Time

The time allocated for examining and checking goods or services to ensure they meet quality standards.