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?

Round your answer to 1 decimal place
__________ percent

Answer 1

Unemployment rate = 0.1176 or 11.76%

Step-by-step explanation:

Given total population = 40000

Blow 16 years = 1000

Full time student = 5000

Employed = 30000

Unemployed people = 40000 - 1000 - 5000 - 30000

Unemployed people = 4000

Unemployment rate = Unemployed people / (employed + unemployed)

Unemployment rate = 4000/ (30000 + 4000)

Unemployment rate = 0.1176 or 11.76%