Question 8 25 points This societys Unemployment Rate is Type

Question 8 (2.5 points) This society\'s Unemployment Rate is Type B Yes Type CType D Type A Yes No No Yes 600,000 Yes Do you currently have a job? Are you currently seeking a job? Number of people of this type 500,0002 220,00080.000 1) 42.86% 2) 0.4286% 3) 1% 4) Cannot be computed from the information provided in the table Question 3 (2.5 points) There arep people in the labor force of this society Type B TypeC Type D Type A No No Do you currently have a job? Are you currently seeking a job? Number of people of this type 1) 300,000 2) 220,000 3) 1.300,000 4) 1,600,000 Yes No Yes Yes No 700,000 220,000 80,000 600,000

Solution

8. Unemployment rate= number of unemployed people *100/ labor force.

Unemployed people are who are looking for job but unable to find one. They are type D, i.e. 600000

Labor force= employed + unemployed

= 500000 + 220000 + 80000 + 600000= 1400000

Unemployment rate= 600000*100/1400000= 42.86%.

1) 42.86% is correct

Question 3) labor force includes people that are either employed or unemployed but looking for the job.

Labor force includes type B and C

Total labor force= 220000 + 80000= 300000

1) 300000 is correct.