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If we look at data published by the Australian Bureau of Statistics, we find the following data for June 2019:Working age population: 20.6 millionEmployed population: 12.9 millionUnemployed population: 0.7 millionThen ___________million of people of working age are not actively employed or looking for a job, the unemployment rate is _______________ and the labour force participation rate is ____________________Group of answer choices7.7; 5.5%; 65%7.0; 5.1%; 66%12.2; 5.0%; 64%13.6; 5.2%; 63%

Question

If we look at data published by the Australian Bureau of Statistics, we find the following data for June 2019:Working age population: 20.6 millionEmployed population: 12.9 millionUnemployed population: 0.7 millionThen ___________million of people of working age are not actively employed or looking for a job, the unemployment rate is _______________ and the labour force participation rate is ____________________Group of answer choices7.7; 5.5%; 65%7.0; 5.1%; 66%12.2; 5.0%; 64%13.6; 5.2%; 63%

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Solution

To answer this question, we first need to understand the definitions of the terms used:

  1. The working age population is the total number of people who are in the age group that's typically considered able to work. In most countries, this is everyone aged 15 to 64.

  2. The employed population is the number of people in the working age population who have jobs.

  3. The unemployed population is the number of people in the working age population who don't have jobs but are actively looking for work.

  4. The labour force is the sum of the employed and unemployed populations. It represents the total number of people either working or actively looking for work.

  5. The unemployment rate is the percentage of the labour force that is unemployed.

  6. The labour force participation rate is the percentage of the working age population that is in the labour force.

Now, let's use these definitions to answer the question:

First, we need to find the number of people of working age who are not actively employed or looking for a job. This is the working age population minus the labour force. The labour force is the sum of the employed population and the unemployed population, which is 12.9 million + 0.7 million = 13.6 million. So, the number of people of working age not actively employed or looking for a job is 20.6 million - 13.6 million = 7 million.

Next, we need to find the unemployment rate. This is the unemployed population divided by the labour force, multiplied by 100 to turn it into a percentage. So, the unemployment rate is (0.7 million / 13.6 million) * 100 = 5.1%.

Finally, we need to find the labour force participation rate. This is the labour force divided by the working age population, multiplied by 100 to turn it into a percentage. So, the labour force participation rate is (13.6 million / 20.6 million) * 100 = 66%.

So, the correct answer is: 7.0 million; 5.1%; 66%.

This problem has been solved

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