Answered: Calculate unemployment rate if adult…

Calculate unemployment rate if adult population of the nation is 800 people of which 450 people are working and 30 are looking for working.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 18RQ: Are U.S. unemployment rates distributed evenly across the population?

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Question

Calculate unemployment rate if adult population of the nation is 800 people of which 450 people are working and 30 are looking for working.

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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