Question

In an​ economy, the​ working-age population is 400 million. Of this​ total, 300 million workers are employed. 16 million workers are unemployed. 64 million workers are not available for work​ (homemakers, full-time​ students, etc.). 12 million workers are available for work but are discouraged and thus are not seeking work. 8 million workers are available for work but are not currently seeking work due to transportation or childcare problems. The unemployment rate in this economy is nothing​%. ​ (Round your answer to one decimal place​.)

Answer 1

Answer:

5.06%

Explanation:

Given that,

Working-age population = 400 million

Workers employed = 300 million

Workers unemployed = 16 million

workers are not available for work​ = 64 million

workers are available for work but are discouraged = 12 million

workers are available for work but are not currently seeking work due to transportation = 8 million

Total labor force = Workers employed + Workers unemployed

                            = 300 million + 16 million

                            = 316 million

$Unemployment\ rate=\frac{No.\ of\ unemployed\ persons}{Total\ labor\ force}\times100$

$Unemployment\ rate=\frac{16}{316}\times100$

                                         = 5.06%