You Are Given the Following Statistics About the Economy

question 54

Short Answer

You are given the following statistics about the economy:
Unemployment rate: 5.7%
Labor force participation rate: 71.7%
Number of unemployed: 10 million
Relevant population: 244 million
a. How many people are in the labor force?
b. How many people are employed?
c. How many people are classified as not being in the labor force?

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Definitions:

Selling Assets

The act of disposing of assets, such as property, equipment, or investments, for the purpose of liquidity, capital, or to reduce debt.

Renewal Strategy

A plan aimed at reviving a company or brand to stimulate growth, often through innovation, rebranding, or restructuring efforts.

Scale

A system or series of marks used for measuring or quantifying objects, space, or the degree of something, often used in various contexts from business to scientific research.

Mix Of Operations

The combination of different processes, activities, and tasks used by an organization to produce goods or provide services.