An economy has 500 people divided among the following groups: 240 are employed, 60 are looking for a job, and 200 are neither working nor looking for employment. Calculate the unemployment and activity rates.

An economy has 500 people divided among the following groups: 240 are employed, 60 are looking for a job, and 200 are neither working nor looking for employment. Calculate the unemployment and activity rates.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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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