Homework Answers
ANSWER:
UNEMPLOYMENT RATE = NO OF UNEMPLOYED / LABOR FORCE = 15 / (15 + 80 + 25) = 15 / 120 = 0.125 OR 12.5%
UNEMPLOYMENT RATE WHEN MEMBERS OF UNDERGROUND ECONOMY ARE COUNTED AS UNEMPLOYED = NO OF UNEMPLOYED / LABOR FORCE = (15 + 6) / (15 + 6 + 80 + 25) = 21 / 126 = 1 / 6 = 0.1667 = 16.67%
UNEMPLOYMENT RATE OVERSTATED = UNEMPLOYMENT RATE WHEN MEMBERS OF UNDERGROUND ECONOMY ARE COUNTED AS UNEMPLOYED - UNEMPLOYMENT RATE = 16.67% - 12.5% = 4.17% (5% ROUNDED OFF)
SO THE CORRECT ANSWER IS OPTION C THAT IS 5%
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