The question requires us to determine the
Explanation of Solution
Given,
Labor force = 100,000 workers
Part time workers = 20,000
Full time workers = 70,000
Rearrange the equation, and insert the values:
Number of unemployed workers = 10,000.
Insert the values in the formula for the unemployment rate:
The unemployment rate is 10 percent.
Thus, option “d” is correct.
People are considered unemployed if they are not working currently but actively looking for a job. The unemployment rate is the ratio of the number of unemployed people to the labor force in an economy.
Where the labor force is the sum of employed and unemployed people in an economy.
Chapter 12 Solutions
Krugman's Economics For The Ap® Course
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