Imagine that there are 160,000 people in the population of working age. 150,000 have jobs, 5,000 do not have jobs and are looking for work, and 5,000 do not have jobs but are not looking. Calculate the unemployment rate as a percentage. _____%

Imagine that there are 160,000 people in the population of working age. 150,000 have jobs, 5,000 do not have jobs and are looking for work, and 5,000 do not have jobs but are not looking. Calculate the unemployment rate as a percentage. _____%

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

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 4CQ

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Question

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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