Assume the following for the town of Boone: it has a total population of 40,000 people,...
Assume the following for the town of Boone: it has a total population of 40,000 people, of which 4,000 are under 16 years of age or are institutionalized; 5,000 are full-time students who are not employed and are not seeking work; and 30,000 are employed. The rest of the people are out of work but have been actively seeking work within the past four weeks.
What is Boone's unemployment rate?
Homework Answers
Labor force = total population - under age - student not seeking work = 40000 - 4000 - 5000 = 31000
Employed = 30000
Unemployed = labor force - employed = 31000 - 30000 = 1000
unemployment rate = 1000 / 31000 * 100 = 3.226% = 3.23%
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Assume the following for the town of Boone: it has a total
population of 40,000 people,...
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