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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

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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.

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