Question

Suppose the working-age population of a fictional economy falls into the following categories: 450 are retired or homemakers; 600 have full-time employment; 200 have part-time employment; 75 do not have employment, but are actively looking for employment; and 80 would like employment but do not have employment and are not actively looking for employment. The official unemployment rate would equal

Answer 1

Unemployment rate= 8.57%

Step-by-step explanation:

Giving the following information:

Suppose the working-age population of a fictional economy falls into the following categories:

450 are retired or homemakers

600 have full-time employment

200 have part-time employment

75 do not have employment but are actively looking for employment

80 would like employment but do not have employment and are not actively looking for employment.

Total active population= 600 + 200 + 75= 875

Unemployment rate= 75/875= 8.57%