Homework Answers
Answer 1
Unemployment Rate = Number of Unemployed Persons / Labor Force
(The labor force is the sum of unemployed and employed persons)
= 10 million / 100 million * 100
= 10%
Thus, the unemplyment rate is 10 percent.
Answer 2
The official unemployment rate defines unemployed people as those who are willing and available to work, and who have actively sought work within the past four weeks.
If 5 million people give up looking for jobs, they are no longer unemployed.
Hence, the new unemployment rate = 5 million / 100 million * 100
= 5%
Thus, the new unemplyment rate is 5 percent.
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