Issue with Macroeconomics Unemployment Question
Hi can anyone help explain a macroeconomic's unemployment question to me?
In the lesson summary of Unemployment in the Macroeconomics course, discussion question 2 goes like this:
"The nation of Fitlandia has 120,000 people. Of these people 20,000 are children under the age of 16, 72,000 have jobs, 8,000 don't have jobs and are looking for work and 20,000 are retired. Assuming that these are all noninstitutionalized civilians, calculate the labor force participation rate and the unemployment rate. "
In the answer section when calculating the LFPR the eligible population is listed as 100,000 people. But shouldn't it be 80,000 people as neither the children nor the retirees are eligible for work? Wouldn't the calculation for the eligible population be : 120,000- 20,000 (children) - 20,000 (retirees) = 80,000 ?
Can someone explain to me why the answer is listing the eligible population as 100,000 people? Do retirees get counted in the eligible population?
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