### Unemployment Rate Analysis for Japan#### Data TableThe table below presents monthly data for Japan's labor force and unemployment figures across five selected dates from January 2014 to December 2017.| Month and Year | Labor Force - Male (millions) | Labor Force - Female (millions) | Number of Unemployed People (millions) ||--------------------|-------------------------------|---------------------------------|---------------------------------------|| January 2014 | 37.6 | 28.1 | 2.4 || June 2015 | 37.7 | 28.6 | 2.2 || December 2016 | 38.0 | 29.2 | 2.0 || March 2017 | 37.7 | 29.0 | 1.9 || December 2017 | 37.8 | 29.7 | 1.8 |#### Calculating the Unemployment Rate for January 2014The unemployment rate is calculated using the formula:\[ \text{Unemployment Rate} = \left( \frac{\text{Number of Unemployed People}}{\text{Total Labor Force}} \right) \times 100 \]For January 2014:- Labor Force - Male: 37.6 million- Labor Force - Female: 28.1 million- Number of Unemployed People: 2.4 millionTotal Labor Force = 37.6 million + 28.1 million = 65.7 million\[ \text{Unemployment Rate} = \left( \frac{2.4}{65.7} \right) \times 100 = 3.65\% \]Given the available choices, the closest correct unemployment rate for January 2014 is:- 3.7%#### Answer Choices- [ ] 3.3%- [x] 3.7%- [ ] 2.8%- [ ] 3%### Explanation of the DataThis table and the following question were likely part of an exam or quiz designed to test understanding in calculating unemployment rates. The data provides a clear insight into how the labor force statistics and the number of unemployed individuals can be used to compute the unemployment rate for any given month.### Additional

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Answered: Refer to the following table that shows…

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Refer to the following table that shows monthly data for Japan. What was the unemployment rate in January 2014?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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