In an economy, the working-age population iš 100 million Uf this total, 75 million workers are employed. 4 million workers are unemployed 16 million workers are not available for work (homemakers, full-time students, etc.). 3 million workers are available for work but are discouraged and thus are not seeking work 2 million workers are available for work but are not currently seeking work due to transportation or childcare problems. The unemployment rate in this economy is %. (Round your answer to one decimal place.)
In an economy, the working-age population iš 100 million Uf this total, 75 million workers are employed. 4 million workers are unemployed 16 million workers are not available for work (homemakers, full-time students, etc.). 3 million workers are available for work but are discouraged and thus are not seeking work 2 million workers are available for work but are not currently seeking work due to transportation or childcare problems. The unemployment rate in this economy is %. (Round your answer to one decimal place.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question

Transcribed Image Text:In an economy, the working-age population is 100 million. Of this total,
75 million workers are employed.
4 million workers are unemployed.
16 million workers are not available for work (homemakers, full-time students, etc.).
3 million workers are available for work but are discouraged and thus are not seeking work.
2 million workers are available for work but are not currently seeking work due to transportation or childcare problems.
The unemployment rate in this economy is%. (Round your answer to one decimal place.)
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps

Recommended textbooks for you


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON

Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning

Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education