Total Population 185 Full time Workers 90 Discouraged Workers 14 Part Time Workers 20 Refer to the above information. Figures are in millions. The unemployment rate in this economy is: O 12.1 percent O 13.7 percent O 15.5 percent O 12.5 percent O 13.4 percent
Total Population 185 Full time Workers 90 Discouraged Workers 14 Part Time Workers 20 Refer to the above information. Figures are in millions. The unemployment rate in this economy is: O 12.1 percent O 13.7 percent O 15.5 percent O 12.5 percent O 13.4 percent
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![### Economic Data Overview
The following statistics provide an insight into the employment dynamics of a certain economy. All figures are in millions.
- **Unemployed:** 17
- **Total Population:** 185
- **Full-time Workers:** 90
- **Discouraged Workers:** 14
- **Part-time Workers:** 20
#### Unemployment Rate Calculation
To determine the unemployment rate, calculate the ratio of the unemployed population to the labor force (sum of employed and unemployed individuals), excluding discouraged workers, as they are not actively seeking employment.
**Formula:**
\[ \text{Unemployment Rate} = \left( \frac{\text{Unemployed}}{\text{Unemployed + Full-time Workers + Part-time Workers}} \right) \times 100 \]
**Multiple-Choice Options:**
What is the unemployment rate in this economy?
- 12.1 percent
- 13.7 percent
- 15.5 percent
- 12.5 percent
- 13.4 percent
Determine the unemployment rate using the provided formula and select the correct option.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1808e831-a071-4e1e-9767-63805f9a5c00%2Fad6d64a0-187e-4a57-9d37-5d9487d12762%2Fieanjk6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:### Economic Data Overview
The following statistics provide an insight into the employment dynamics of a certain economy. All figures are in millions.
- **Unemployed:** 17
- **Total Population:** 185
- **Full-time Workers:** 90
- **Discouraged Workers:** 14
- **Part-time Workers:** 20
#### Unemployment Rate Calculation
To determine the unemployment rate, calculate the ratio of the unemployed population to the labor force (sum of employed and unemployed individuals), excluding discouraged workers, as they are not actively seeking employment.
**Formula:**
\[ \text{Unemployment Rate} = \left( \frac{\text{Unemployed}}{\text{Unemployed + Full-time Workers + Part-time Workers}} \right) \times 100 \]
**Multiple-Choice Options:**
What is the unemployment rate in this economy?
- 12.1 percent
- 13.7 percent
- 15.5 percent
- 12.5 percent
- 13.4 percent
Determine the unemployment rate using the provided formula and select the correct option.
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