Suppose 550 people were surveyed, and of those 500 ,450 were working full-time.

Question

Suppose 550 people were surveyed, and of those 500 ,450 were working full-time. Of the year 100 not working 20 were full-time college student 30 were retired and 10 were under 16 years of age 15 had stop looking for work because they believe they were no jobs for them and 25 are actively looking for work. a. How many of the 550 surveyed are in the labor force? b. What is the unemployment rate among the 550 serveyed people? Suppose 550 people were surveyed, and of those 500 ,450 were working full-time. Of the year 100 not working 20 were full-time college student 30 were retired and 10 were under 16 years of age 15 had stop looking for work because they believe they were no jobs for them and 25 are actively looking for work. a. How many of the 550 surveyed are in the labor force? b. What is the unemployment rate among the 550 serveyed people? a. How many of the 550 surveyed are in the labor force? b. What is the unemployment rate among the 550 serveyed people?

Explanation / Answer

a) Labor force include people who are of working age (above 16 year) and are currently looking for work.

Thus,

Labor force = 450+25 = 475

b) Unemployment rate = number of unemployed / labor force * 100

number of unemployed = 25

unemployment rate = 25/475 = 5.26%

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