Assume the following for the town of Boone: The town has a total population of 50,000 people, of which 4,000 are under 16 years of age or are institutionalized; 5,000 are full-time students who are not employed and are not seeking work; and 40,000 are employed. The rest of the people are out of work but have been actively seeking work within the past four weeks. What is the unemployment rate in Boone? Instructions: Round your answer to 1 decimal place. percent
Assume the following for the town of Boone: The town has a total population of 50,000 people, of which 4,000 are under 16 years of age or are institutionalized; 5,000 are full-time students who are not employed and are not seeking work; and 40,000 are employed. The rest of the people are out of work but have been actively seeking work within the past four weeks. What is the unemployment rate in Boone? Instructions: Round your answer to 1 decimal place. percent
Chapter6: Business Cycles And Unemployment
Section: Chapter Questions
Problem 10SQ
Related questions
Question
Transcribed Image Text:Assume the following for the town of Boone: The town has a total population of 50,000 people, of which 4,000 are under 16 years of
age or are institutionalized; 5,000 are full-time students who are not employed and are not seeking work; and 40,000 are employed.
The rest of the people are out of work but have been actively seeking work within the past four weeks.
What is the unemployment rate in Boone?
Instructions: Round your answer to 1 decimal place.
percent
Expert Solution
Step 1
When an individual or group of people are able to do a job, looking for a job and are willing to work at the prevailing wage rate but can not find a job are known as unemployed.
Labor force is the total number of people who are employed in an economy and the number of people unemployed but looking for a job.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning