Consider an economy with the following data: Population (civilian, 16 and older, non-institutionalized) = 260 million. Employed = 188 million Unemployed = 12 million What is the unemployment rate in this economy? 1) 6.8% 2) 6.4% 3) 6.0% 4)4.6%
Consider an economy with the following data: Population (civilian, 16 and older, non-institutionalized) = 260 million. Employed = 188 million Unemployed = 12 million What is the unemployment rate in this economy? 1) 6.8% 2) 6.4% 3) 6.0% 4)4.6%
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 7CQ
Related questions
Question
Consider an economy with the following data:
Population (civilian, 16 and older, non-institutionalized) = 260 million.
Employed = 188 million
Unemployed = 12 million
What is the
1) 6.8%
2) 6.4%
3) 6.0%
4)4.6%
Expert Solution
Step 1
Unemployment rate=unemployed/labor force*100
Labor force=employed+unemployed=188+12
=200
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning