Answered: Calculate the unemployment rate based…

Calculate the unemployment rate based on the information provided below: Total population 50000 Women 4000 Sick elderly people 400 Children 6000 Employed 25000 Retired people 2500

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q 1. Calculate the unemployment rate based on the information provided below:

Total population	50000	Women	4000	Sick elderly people	400
Children	6000	Employed	25000	Retired people	2500

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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