In an economy, the working-age population is 400 million. Of this total, 300 million workers are employed. 16 million workers are unemployed. 64 million workers are not available for work (homemakers, full-time students, etc.). 12 million workers are available for work but are discouraged and thus are not seeking work. 8 million workers are available for work but are not currently seeking work due to transportation or childcare problems. The unemployment rate in this economy is nothing%. (Round your answer to one decimal place.)

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Dryomys Dryomys · Answer 1 · 2019-10-16T13:47:59+02:00

Answer:

5.06%

Explanation:

Given that,

Working-age population = 400 million

Workers employed = 300 million

Workers unemployed = 16 million

workers are not available for work = 64 million

workers are available for work but are discouraged = 12 million

workers are available for work but are not currently seeking work due to transportation = 8 million

Total labor force = Workers employed + Workers unemployed

= 300 million + 16 million

= 316 million

[tex]Unemployment\ rate=\frac{No.\ of\ unemployed\ persons}{Total\ labor\ force}\times100[/tex]

[tex]Unemployment\ rate=\frac{16}{316}\times100[/tex]

= 5.06%