Question

Econville has 100 million adult citizens. Of these, there are 40 million full-time workers and 20 million part-time workers. There are 2.5 million people currently seeking jobs and 500,000 that have been laid off from their jobs and not yet recalled to work. There are 18 million full-time students that aren't working, 11 million homemakers that aren't working, 7.5 million retirees. There are also 500,000 people who gave up trying to find a job. What is Econville's unemployment rate? O A 400 B. 4.76% C. 50 D.25.93

Answer 1

Answer:

B) 4.76%

Explanation:

total unemployment = 2.5 million all the people currently seeking jobs and 0.5 million those temporarily laid off  (and expecting a recall) = 3 million

Econville's total labor force = 40 million full time workers + 20 million part time workers + 3 million unemployed = 63 million

unemployment rate = unemployed / total labor force = (3 million / 63 million) x 100 = 4.76%