In an economy, 23 million people are employed and 2 million are unemployed, but 5 million part-time workers would prefer full-time work. Calculate the unemployment rate.Give only a numerical answer.Where needed, use only a point () for decimals (e.g., 3.25, not 3,25) and no thousands separator (e.g., 2000, not 2,000).

The unemployment is the situation when people who are willing and able to work but they are not able…

Answered: In an economy, 23 million people are…

In an economy, 23 million people are employed and 2 million are unemployed, but 5 million part-time workers would prefer full-time work. Calculate the unemployment rate.

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment

Section: Chapter Questions

Problem 2WNG

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Question

In an economy, 23 million people are employed and 2 million are unemployed, but 5 million part-time workers would prefer full-time work. Calculate the unemployment rate.
Give only a numerical answer.
Where needed, use only a point () for decimals (e.g., 3.25, not 3,25) and no thousands separator (e.g., 2000, not 2,000).

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