Suppose a city has 50,000 residents, of which 30,000 are employed, 10,000 are not working but actively seeking work, 5,000 are children, and 5,000 are retired. The unemployment rate is: 20%
Added by Sheryl L.
Step 1
- Unemployed residents = actively seeking work + retired - Unemployed residents = 10,000 + 5,000 - Unemployed residents = 15,000 Show more…
Show all steps
Your feedback will help us improve your experience
Prabhat Tyagi and 87 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Given a total population of 5,000 residents and a labor force of 4,000 residents, 3,500 of which are employed, what is the unemployment rate? (1 point) 87.5% 70% 10% 12.5%
Prabhat T.
Suppose 5,000 discouraged workers begin to look for jobs. In this case, the number of people in the work-eligible population will be 5,000 and the number of people in the labor force will be 5,000.
Haricharan G.
If the unemployment rate is 5 percent and the number of unemployed people is 10 million, the size of labor force is: a. 200 million b. 0.5 million c. 210 million d. 190 million e. 50 million
Sanchit J.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD