Question

Assume the following for the town of Boone: it has a total population of 40,000 people, of which 1,000 are under 16 years of age or are institutionalized; 5,000 are full-time students who are not employed and are not seeking work; and 30,000 are employed. The rest of the people are out of work but have been actively seeking work within the past four weeks. What is Boone's unemployment rate?

Answer 1

To calculate the unemployment rate in Boone, subtract the number of employed individuals from the labor force and divide that number by the labor force. Multiply the result by 100 to get the unemployment rate.

Step-by-step explanation:

To calculate the unemployment rate in Boone, we need to know the number of unemployed people and the total labor force. The labor force consists of employed individuals and those who are unemployed but actively seeking work.

Given that the total population is 40,000 and the number of people under 16 or institutionalized is 1,000, we subtract this from the total population to get the labor force: 40,000 - 1,000 = 39,000.

The number of employed individuals in Boone is 30,000, so we can calculate the number of unemployed individuals by subtracting the employed individuals from the labor force: 39,000 - 30,000 = 9,000.

The unemployment rate is then calculated by dividing the number of unemployed individuals by the labor force and multiplying by 100: (9,000 / 39,000) * 100 = 23.1%.

Answer 2

11.8%

Step-by-step explanation:

The rate of the town of Boone is as follows

Unemployment rate = 100 x Unemployed / Labour force

Labor force = 30000 + unemployed

Unemployed = 40000 - 1000 - 5000 - 30000 = 4000 (The number of people unemployed at town of Boone)

Unemployment rate = 100 x 4000/34000 = 11.8%

Therefore, the correct answer for this 11.8% .This is a percentage of people unemployed in the town of Boone.