Answered: 1) What is the national Unemployment…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Age	Employed (Thousands of People)	Unemployed (Thousands of People)	Not in Labor Force (Thousands of People)
16 to 19 years	5,074	827	10,853
20 to 24 years	14,132	1,127	6,137
25 to 54 years	98,833	3,850	23,014
55 to 64 years	26,064	835	14,792
65 years and over	9,234	343	39,964
Total	153,337	6,982	94,759

1) What is the national Unemployment rate?

2) Complete the following table by computing the unemployment rate for each age group.

Age	Unemployment Rate
16 to 19 years
20 to 24 years
25 to 54 years
55 to 64 years
65 years and over

3) Which of the following groups has an unemployment rate lower than the national average unemployment rate?

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