18 The statistics in the table below relate to an economy's labour marketNumber of people of working age in employment37.6 millionNumber of people of working age not working but who are actively seeking employment2.4 millionNumber of people of working age not working who are not looking for a job4 millionWhat is the economy's unemployment rate?O 6%O 6.7%O 10%O 14.5%

Formula for unemployment rate is Unemployment rate = (Number of unemployed people / Labor force) *…

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What is the economy's unemployment rate? O 6% O 6.7% O 10% O 14.5%

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter24: Measuring The Cost Of Living

Section: Chapter Questions

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Question

The statistics in the table below relate to an economy's labour market
Number of people of working age in employment
37.6 million
Number of people of working age not working but who are actively seeking employment
2.4 million
Number of people of working age not working who are not looking for a job
4 million
What is the economy's unemployment rate?
O 6%
O 6.7%
O 10%
O 14.5%

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