Scenario: Suppose an economy consists of only the following economic agents: 2 million full-time workers, 1 million part-time workers, 1 million people who have been laid off by their employers but are currently looking for employment, 1 million children aged 15 years or younger, and 2 million housewives not looking for jobs.
-Refer to the scenario above.What is the size of the labor force in the economy?

Question

Quizplus · Accepted Answer

The labor force includes both full-time and part-time workers as well as those who have been laid off and are currently looking for employment. Therefore, the size of the labor force in the economy is 3 million (2 million full-time workers + 1 million part-time workers + 1 million people who have been laid off and are currently looking for employment).

Scenario: Suppose an Economy Consists of Only the Following Economic