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If in an economy there are 2.3 million unemployed and the labour force is 8 million Calculate the Unemployment rate (U-rate) Select one: a. 28.75 b. -797.70 c. NONE d. 802.30 e. 10.30

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 39CTQ: Under what condition would an increase in the unemployment rate be a positive sign?

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Question

If in an economy there are 2.3 million unemployed and the labour force is 8 million Calculate the Unemployment rate (U-rate)

Select one:

a. 28.75

b. -797.70

c. NONE

d. 802.30

e. 10.30

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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