country has a total population of 500 people. Of those, 50 are under the age of 16 or institutionalized. 100 are retired. The rest are in the labor force. Of those in the labor force, 25 are part-time workers that would like to be working full time. There are 30 unemployed workers. What is the unemployment rate (rounded to the nearest whole percentage point)?
country has a total population of 500 people. Of those, 50 are under the age of 16 or institutionalized. 100 are retired. The rest are in the labor force. Of those in the labor force, 25 are part-time workers that would like to be working full time. There are 30 unemployed workers. What is the unemployment rate (rounded to the nearest whole percentage point)?
Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment
Section: Chapter Questions
Problem 2WNG
Related questions
Question
A country has a total population of 500 people. Of those, 50 are under the age of 16 or institutionalized. 100 are retired. The rest are in the labor force. Of those in the labor force, 25 are part-time workers that would like to be working full time. There are 30 unemployed workers. What is the
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
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
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning