Macroeconomics 12th Edition by Michael Parkin

Exercise 2

In July 2014, in the economy of Sandy Island, 10,000 people were employed, 1,000 were unemployed, and 5,000 were not in the labor force. During August 2014, 80 people lost their jobs and didn't look for new ones, 20 people quit their jobs and retired, 150 unemployed people were hired, 50 people quit the labor force, and 40 people entered the labor force to look for work. Calculate for July 2014
a. The unemployment rate.
b. The employment-to-population ratio.
And calculate for the end of August 2014
c. The number of people unemployed.
d. The number of people employed.
e. The unemployment rate.