Answered: If the number of people classified as…

If the number of people classified as unemployed is 5,000 and the number of people classified as employed is 45,000, what is the unemployment rate? Group of answer choices 5% 9.5% 4.5% 10%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Full employment relates to the number of people willing to work. True or false

A: We are going to discuss the definition of full employment to answer this question.

Q: labor force participation rate

A: Labor force participation rate = [(Number of employed people + Number of unemployed people) / Non…

Q: If the unemployment rate is 6.2% and the number of people employed is 400,000, total number of…

A: Given that, the unemployment rate is 6.2% number of people employed is 400,000 we have to find the…

Q: 14% of working age adults are out of the labor force. What could be the real percent of adults who…

A: A person is said to be unemployed when he or she is unable to find work at prevailing market wage…

Q: Unemployment Rate

A: The employed people or unemployed people consist in the labor force. Here, the unemployed people…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: To calculate the unemployment rate, we need to use the formula:Unemployment Rate=Number of…

Q: Suppose the current unemployment rate is 5 percent, the labor force is 400 million people, and the…

A: The answer is d) 20 million people.Here's why: The unemployment rate represents the percentage of…

Q: Question YEAR Switzerland Unemployment rate Bahamas Unemployment rate 2009 4.12% 14.25%…

A: Hi Student, thanks for posting the question. As per the guideline we are providing answers for the…

Q: Q1) The labor force in Pakistan is 15,000,000 and the number of employed is 12,000,000. 1)…

A: Unemployment Rate is a rate that represents the number of people, individuals, or labor who are…

Q: Consider an economy with 150M residents. Of the 150M people there are: 20M under 16 80M employed…

A: Unemployment rate is calculated as the unemployed people divided by the sun of employed and…

Q: Suppose the unemployment rate is 7% under one of these two outcomes and 5% under the other. Based on…

A: As higher output associated with lower unemployment and lower output is associated with higher…

Q: If 15 million people are unemployed and 65 million people are employed, calculate the unemployment…

A: "Unemployment means when people don't have job but are capable of working and are actively looking…

Q: In 2020, the all ages population of Canada was 37226847, out of which the population under 15 years…

Q: a) The number of unemployed is 3,970,449 b) The amount of people in the labor force is 18,020,663…

A: Number of unemployed = 3,970,449 The number of people in the labor force= 18,020,663

Q: In a given community, the unemployment rate is 5% and their working-age population is 3 Million.…

A: The unemployment rate refers to the fraction of the total labor force that is not employed. The…

Q: Which of the following combinations would increase unemployment in an economy? Select one: a) High…

A: Unemployment is a measure of the number of individuals in the labor force who are without work but…

Q: In 2020, the all ages population of Canada was 36552939, out of which the population under 15 years…

Q: The 20018 Q2 unemployment rate in Africa was 4.0%. This represented 110,000 unemployed individuals.…

Q: Suppose the total population between the ages of 15 and 74 in an economy is 5,000,000, the labor…

A: The unemployment rate of the economy is considered one of the main macroeconomic indicators of the…

Q: Labor force participation rate 60%, Population (assume everyone is over 16 years of age, civilian,…

A: Unemployment rate: - it is the percentage of people out of the total labor force who are able and…

Q: The unemployment rate in a town in which 85,300 persons are employed and 13,000 are unemployed…

A: The unemployment refers to the economic condition where the a worker wants to work but still he does…

Q: Suppose that the employment rate is 55.0% and unemployment rate is 5.0%. What is the participation…

A: The participation rate is the percentage of the total population employed and actively looking for…

Q: The 2018 Q2 unemployment rate in Africa was 4.0%. This represented 110,000 unemployed individuals.…

A: The unemployment rate is the rate that shows the proportion of unemployed people in the total labor…

Q: For the next question consider the data in the table below for a simple economy. Total Population…

A: According to BLS, unemployment rate is the proportion of total labor force that is looking for job,…

Q: What are THREE (3) conditions necessary for a person to be considered unemployed?

A: Unemployment refers to the situation when someone is willing to work at prevailing wage rate and…

Q: If given a set of data such as the following: 2015 2016 2017 6.22% 7.50% 9.32% where column one is…

A: Unemployment is the state who is not employed in the current situation. The unemployment rate is the…

Q: Consider an economy with the following data: Employed = 891 million Unemployed = 9 million…

A: Unemployment Rate = Total Unemployed / Total Labor Force * 100 Total Labor Force = Total Employed +…

Q: A country can never have an unemployment rate of 0%. True or false

A: Answer - Need to find- Statement is "True" or "False" Given in the question- A country can never…

Q: If the total labor force is comprised of 260 million people, there are 10 million people in the…

A: Employment refers to a situation when people are willing to do work and they are able to find a paid…

Q: Full employment means that. all of working-age population can be classified as employed all of the…

A: unemployment means when labor wants to do work but unable to get ,There are many type of…

Q: A low unemployment rate, between 2 and 7%, may be considered full employment. True or false

A: Unemployment: Any individual who is willing and able to work at the existing wage rate but couldn't…

Q: The Unemployment Rate is defined as which of the following? as the percentage of the adult…

A: Labor force is the sum of employed and unemployed. It includes the people who are currently working…

Q: If someone were counted in the numerator of the headline unemployment rate, would they also be…

A: Headline Unemployment Rate It is the percentage of unemployed people in the country who are not a…

Q: If the number of unemployed equals 10,000, the number of employed equals 70,000, and the number not…

A: The labor force participation rate is measure of an economy’s active workforce.

Q: Economy A's firms post 300 vacancies. There are 5000 employed wokers in Economy A, and no…

A: The formula for calculating the vacancy rate is: Vacancy rate = (Number of vacancies / Total number…

Q: Q.1.4 Out of 20 million people in the population, 9 million people are in the labour force and 3…

A: Unemployment rate refers to the percentage of unemployed people to the total labor force.…

Q: YEAR Uk unemployment rate Trinidad and Tobago Unemployment rate 2009 7.54% 3.55% 2010…

A: Correlation reveals the relationship between the two variables. The correlation value (Correlation…

Q: In a given community, the unemployment rate is 3.1% and their working-age population is 1.2 Million.…

A: The unemployment rate indicates the faction of the total labor force that is unemployed. The labor…

Q: In an economy, the working-age population iš 100 million Uf this total, 75 million workers are…

A: Working-age population=100 million Employed: People who are working in a paid job=75 million…

Q: A country has a Cobb-Douglas production function given by: Y = AK0.5 0.3 If total factor…

A: Since you have asked multiple questions, we will solve first question you. If you want any other…

Q: If discouraged workers are included in the determination of the unemployment rate, what effect will…

A: Discouraged workers are those workers who are not actively seeking employment but would like to work…

Q: Q.4 The country of Far Far Far Away has a working-age population of 36 905 people. The labour force…

A: The labor force involves employed people and unemployed people. Employed people are the person who…

Q: The BLS reported that in June 2019, the labor force was 163.0 million, employment was 157.0…

A: The employment rate is a measure of the percentage of the working-age population that is employed.…

Q: QUESTION 27 If nominal GDP in 2014 is $20.000 billion while real GDP is $16,500 billion, then the…

A: GDP Deflator = Nominal GDPReal GDP×100Unemployment rate = Number of Unemployed personLabor…

Question

If the number of people classified as unemployed is 5,000 and the number of people classified as employed is 45,000, what is the unemployment rate?

Group of answer choices

9.5%

4.5%

10%

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.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions

According to the Bureau of Labor Statistics, you are considered to be unemployed if you have no job. True O False 日 e ASUS 14 15 f6 f7 f8 f9 f10
Suppose that the employment rate is 61.0% and unemployment rate is 5.0%. What is the participation rate? (Submit your answer in percent terms with up to two decimals, i.e., 10.22 for 10.22% and 11.44 for 11.442%.)
Bell-land's unemployment rate is 7.2%. The ruler of Bell-land ( a wonderful, wise middle-aged woman in a wheelchair) asks you whether this is a good rate and if it is an improvement? What is your answer? What are the issues that you need to think about before giving your answer? Explain your answer using the concepts learned in the module. Bell-land is not the same as the U.S.
Which of the following would be considered High Unemployment? Select all that apply 5% 7% 4% 10% 3%
Jack is trying to get an estimate of the unemployment rate in a particular neighborhood. Jack selects a sample of 5 people. The real (and unknown to Jack) unemployment rate is 10%. What is the probability that exactly one of the people Jack selects is unemployed? Round your answer to three decimal places, eg 0.829.
Impact of COVID-19 on unemployment explain to 3-5 paragraphs
no handwritten notes
Jollyland is a hypothetical country. In the year 2015, the unemployment rate in Jollyland is 50%. Let's suppose that 1/4 of the unemployed people in Jollyland found a job in 2016. What is the unemployment rate(in percentage) in 2016
QUESTION 28 In Country the adult population comprised of 200 people. 180 people are employed, and 5 people are unemployed What is the unemployment rate in country 27 OA 2.78% OB 27% Of 5% 00758 OF 25%
Labor force participation rate 60%, Population (assume everyone is over 16 years of age, civilian, non-institutionalized in this economy) 150 million, Unemployment rate=5% Calculate the number of people Employed
In a given community, the unemployment rate is 4% and their working-age population is 930,000. Labor force participation was 81% in this community in December of 2009. In January 2010 a new social security policy was implemented, allowing people to retire and collect their social security benefits earlier than expected. 200 thousand older workers retired at the end of January due to the new policy. Further, 2000 senior citizens that were out of the labor force (in December) started collecting their social security retirement benefits in January due to their past contributions. What is the Unemployment rate in February assuming everything else was fixed at their December values?
What unemployment rate would most economists like to see? Group of answer choices 0% 1% 4 to 5% 7 to 8%