Answered: Let's suppose that 1/4 of the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Jollyland is a hypothetical country. In the year 2015, the unemployment rate in Jollyland is 50%. Let's suppose that 1/4 of the unemployed people in Jollyland found a job in 2016. What is the unemployment rate(in percentage) in 2016

Expert Solution

Step 1

Unemployment generally means a state of the economy in which people who are fit and willing to work but cannot find a suitable job.

Unemployment = Population/Work force - Employed people

Step 2

During 2015,

Unemployment rate in Jolly land is 50%

That means 50% people were employed.

In the year of 2016, 1/4 among this 50% became employed.

1/4 of 50% is 12.5%.

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