A country has 10 million people, 5 million of whom are adults. Of the adults, 0.5 million are not interested in working, another 0.5 million are interested in working but have given up looking for work, and 1 million are still looking for work. Of those who do have jobs, 1 million are working part time but would like to work full time, and the remaining workers are working full time. What is this country's unemployment rate? a. 20 percent b. 25 percent c. 30 percent d. 10 percent
A country has 10 million people, 5 million of whom are adults. Of the adults, 0.5 million are not interested in working, another 0.5 million are interested in working but have given up looking for work, and 1 million are still looking for work. Of those who do have jobs, 1 million are working part time but would like to work full time, and the remaining workers are working full time. What is this country's unemployment rate? a. 20 percent b. 25 percent c. 30 percent d. 10 percent
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter21: Unemployment
Section: Chapter Questions
Problem 45P: A country with a population of eight million adults has five million employed, 500,000 unemployed,...
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