Suppose the current unemployment rate is 5 percent, the labor force is 400 million people, and the working-age population is 500 million people. What number of people are unemployed? Group of answer choices a) 100 million people b)5 million people c) 25 million people d)20 million people

Suppose the current unemployment rate is 5 percent, the labor force is 400 million people, and the working-age population is 500 million people. What number of people are unemployed? Group of answer choices a) 100 million people b)5 million people c) 25 million people d)20 million people

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

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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