Answered: Calculate for the unemployment rate…

Calculate for the unemployment rate using the table below: Total Population 20 000 Working Age Population 15 000 Employed 1 000 Unemployment 100

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment

Section: Chapter Questions

Problem 7QP

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Question

: Calculate for the unemployment rate using the table below:

Total Population	20 000
Working Age Population	15 000
Employed	1 000
Unemployment	100

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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