Matt plans to start his own business once he graduates from college. He plans to save $1,400 every six months for the next five
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Answer:
The labor force will consist of 10,370 workers, and the unemployment rate will be 6.1 %
Explanation:
The labor force includes employed workers and unemployed workers who are looking for a job.
Labor force at the beginning of the year is 10,000.
Labor force at the end of the year
= Total labor force at the beginning of the year + Workers returned to the labor force + New workers added to the labor force - Workers who retired or left the labor force
= 10,000 + 170 + 500 - 300
= 10,370 workers
Number of unemployed at the end of the year
= Number of unemployed at the beginning of the year + Workers who lost their job + New entrants into the labor force + Workers who had returned to the labor force + Voluntary unemployment - Wokers who got employed
= 600 + 200 + 500 + 170 + 100 - 933
= 637 workers
Unemployment rate
=
=
= 0.0614 or 6.14%