Question

An economy has a population of 226,500, of whom 12,500 are unemployed and actively seeking work, and 35,000 have given up looking for a job. Also, 28,000 people work part-time, and 151,000 people work full-time. This economy's unemployment rate is _____. 21.0% 5.5% 6.5% 21.1%

Answer 1

Unemployment rate= 6.52%

Step-by-step explanation:

Giving the following information:

An economy has a population of 226,500, of whom 12,500 are unemployed and actively seeking work, and 35,000 have given up looking for a job. Also, 28,000 people work part-time, and 151,000 people work full-time.

Total active population= 12500 + 28,000 + 151,000= 191,500

Unemployment rate= 12500/191500= 6.52%