Ask Question
BusinessBusiness
20 July, 11:06

In an economy, the working-age population is 100 million. Of this total, 80.0 million workers are employed. 3.0 million workers are unemployed. 14.0 million workers are not available for work (homemakers, full-time students, etc.). 2.0 million workers are available for work but are discouraged and thus are not seeking work. 1.0 million workers are available for work but are not currently seeking work due to transportation or childcare problems.

+1
Answers (1)
  1. 20 July, 13:44
    0
    Unemployment rate = 3.6%

    Explanation:

    Unemployment is the number of people who are willing to work and are actively seeking work but are unable to find it. The unemployment rate is the unemployed / total number of people in the labor force x 100.

    In the above scenario, the unemployed is 3 million people. The others are either already employed, unavailable, unwilling or not seeking work.

    The labour force comprises of those who are employed and unemployed, that is 80million + 3million = 83 million.

    Hence, unemployment rate = (3/83) x 100 = 3.6%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “In an economy, the working-age population is 100 million. Of this total, 80.0 million workers are employed. 3.0 million workers are ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Extreme Manufacturing Company provides the following ABC costing information: Activities Total Costs Activity-cost drivers Account inquiry $320,000 16,000 hours Account billing $220,000 4,000,000 lines Account verification accounts $182,000 80,000
Answers (1)
Which of the following is not a way that tobacco products are used? a. eating b. dipping c. chewing d. smoking?
Answers (1)
Creations Media Inc., a publishing company, conducted an internal survey on employee satisfaction. The results indicated that a majority of its support staff considered their jobs to be monotonous.
Answers (1)
Alpha Corp. creates a syrup that is flavored with coffee and chocolate and sells it under the name MochaMerge. Beta Co. begins to sell a similar product under the name MokaMerge. This is most likely a matter of:
Answers (1)
Blue Spruce Corp. reported net income of $194,740 for 2022. Blue Spruce Corp. also reported depreciation expense of $36,900 and a loss of $5,030 on the disposal of plant assets.
Answers (1)
New Questions in Business
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 652,000 Direct labor cost $ 81,000 Raw material purchases $ 133,000 Selling expenses $ 102,000 Administrative expenses $ 43,000
Answers (1)
At a volume of 8,000 units, Pwerson Company incurred $32,000 in factory overhead costs, including $12,000 in fixed costs.
Answers (2)
Three identical homes in a neighborhood were listed at the same time in a market where demand was constant. According to the law of supply and demand, which would have sold for the lowest price?
Answers (1)
would frozen vegetables be considered a normal or inferior good?
Answers (1)
An airline has 81% of its flights depart on schedule. it has 69% of its flights depart and arrive on schedule. find the probability that a flight that departs on schedule also arrives on schedule. round the answer to two decimal places.
Answers (1)
Home » Business » In an economy, the working-age population is 100 million. Of this total, 80.0 million workers are employed. 3.0 million workers are unemployed. 14.0 million workers are not available for work (homemakers, full-time students, etc.). 2.
Sign Up Forgot Password?