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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

If the unemployment rate is 4 percent, it does not follow that the employment rate is 96 percent. Explain why.

To determine

The rate of unemployment and the rate of employment.

Explanation

The rate of unemployment is defined as the percentage of the civilian labor force which is unemployed. The unemployment rate is calculated as the ratio of the number of unemployed people to the total civilian labor force. Mathematically, the rate of unemployment is calculated as follows:

Unemployment rate=Number of unemployed peopleCivilian labor force

The rate of employment is defined as the percentage of the civilian non-institutional population which is employed. The employment rate is calculated as the ratio of the number of employed people to the civilian non-institutional population

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