Assume the following for the town of Boone: The town has a total population of 50,000 people, of which 4,000 are under 16 years ofage or are institutionalized; 5,000 are full-time students who are not employed and are not seeking work; and 40,000 are employed.The rest of the people are out of work but have been actively seeking work within the past four weeks.What is the unemployment rate in Boone?Instructions: Round your answer to 1 decimal place.percent

Answered: Assume the following for the town of…

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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Assume the following for the town of Boone: The town has a total population of 50,000 people, of which 4,000 are under 16 years of
age or are institutionalized; 5,000 are full-time students who are not employed and are not seeking work; and 40,000 are employed.
The rest of the people are out of work but have been actively seeking work within the past four weeks.
What is the unemployment rate in Boone?
Instructions: Round your answer to 1 decimal place.
percent

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When an individual or group of people are able to do a job, looking for a job and are willing to work at the prevailing wage rate but can not find a job are known as unemployed.

Labor force is the total number of people who are employed in an economy and the number of people unemployed but looking for a job.

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