In a given community, the unemployment rate is 3.1% and their working-age population is 1.2 Million. Labor force participation was 92% in this community in December of 2009. In January 2010, this community takes in 80,000 refugees, 65,000 of which are working-age adults. All working-age refugees will be looking for a job in January and if they cannot find one will continue to look until they do. If 70% of the refugees start a new job in January, what will be the Unemployment rate in this community in February 1st? ( Please round your answer to include 2 decimal places, do not include the percent sign in the answer. That is, If you find 8.33333% is the new unemployment rate, input your answer as 8.33)
In a given community, the unemployment rate is 3.1% and their working-age population is 1.2 Million. Labor force participation was 92% in this community in December of 2009. In January 2010, this community takes in 80,000 refugees, 65,000 of which are working-age adults. All working-age refugees will be looking for a job in January and if they cannot find one will continue to look until they do. If 70% of the refugees start a new job in January, what will be the Unemployment rate in this community in February 1st? ( Please round your answer to include 2 decimal places, do not include the percent sign in the answer. That is, If you find 8.33333% is the new unemployment rate, input your answer as 8.33)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:In a given community, the unemployment rate is 3.1% and their working-age population is 1.2
Million. Labor force participation was 92% in this community in December of 2009. In January
2010, this community takes in 80,000 refugees, 65,000 of which are working-age adults. All
working-age refugees will be looking for a job in January and if they cannot find one will continue to
look until they do. If 70% of the refugees start a new job in January, what will be the Unemployment
rate in this community in February 1st?
( Please round your answer to include 2 decimal places, do not include the percent sign in the
answer. That is, If you find 8.33333% is the new unemployment rate, input your answer as 8.33)
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