The country of Altimina has a population of 150,000. According to the latest data, there are 20,000 people under the age of 16, and 30,000 people who are over the age of 16, but not looking for work. Currently, there are 5,000 people who are 16 or older and actively looking for work. The president of Altimina has asked you what the unemployment rate for Altimina is. The unemployment rate is ?%

The country of Altimina has a population of 150,000. According to the latest data, there are 20,000 people under the age of 16, and 30,000 people who are over the age of 16, but not looking for work. Currently, there are 5,000 people who are 16 or older and actively looking for work. The president of Altimina has asked you what the unemployment rate for Altimina is. The unemployment rate is ?%

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter12: Business Cycles And Unemployment

Section: Chapter Questions

Problem 8SQP

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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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