Question

if there are 500 people in the population, with 50 of them under the age of sixteen and another 150 of them who are too old to work and are retired. of the remaining 300 people, 50 of them had been looking for jobs but have given up looking. 25 of them are working part time but would like to work full time. 25 of them are not working but would like to have a job. what is the unemployment rate?

Answer 1

16.67% of people are unemployed in accordance with the inquiry. The level of unemployment that exists when the economy operates at its total potential production is known as the natural rates of unemployment.

How is the unemployment rate determined?

The unemployment rate for any area is calculated by dividing the amount of people in the area who are unemployment and actively looking for labor by the maximum population of individuals within the region who are employed.

Why is the employment rate crucial?

When analyzing changes in labor supply, the participation rate is a key metric. This indicator provides an estimate of the rate of employment for those between the ages of 20 through 64 who are of working age.

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