Suppose there are 2,500,000 people in a city's labor force. Only 38 % of them have a college degree, the others have a high school diploma. The unemployment rate for people without a college degree is 8.4 %.Only 2.2 % of those with a college degree are unemployed. The city administration starts a social program to provide education for unemployed people with only a high school diploma. It is expected that 32 % of these people will receive a college degree. Calculate how many people are likely to find a job as a result of the social program. Remember to apply the unemployment rate for people with a college degree, if necessary, round any intermediate calculations and your final answer to the nearest whole number.
Suppose there are 2,500,000 people in a city's labor force. Only 38 % of them have a college degree, the others have a high school diploma. The unemployment rate for people without a college degree is 8.4 %.Only 2.2 % of those with a college degree are unemployed. The city administration starts a social program to provide education for unemployed people with only a high school diploma. It is expected that 32 % of these people will receive a college degree. Calculate how many people are likely to find a job as a result of the social program. Remember to apply the unemployment rate for people with a college degree, if necessary, round any intermediate calculations and your final answer to the nearest whole number.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Suppose there are 2,500,000 people in a city's labor force. Only 38 % of them have a college degree, the others have a high school diploma. The unemployment rate
for people without a college degree is 8.4 % Only 22% of those with a college degree are unemployed. The city administration starts a social program to provide
education for unemployed people with only a high school diploma. It is expected that 32 % of these people will receive a college degree.
Calculate how many people are likely to find a job as a result of the social program. Remember to apply the unemployment rate for people with a college degree. if
necessary, round any intermediate calculations and your final answer to the nearest whole number,
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