In a small town of 100 people, there are 10 children under 16, 10 retired people, 60 people with full-time jobs, 3 people with part-time jobs, 3 full-time students over 16, and 4 full-time homemakers. The remaining people did not have jobs, but wanted jobs. What is the unemployment rate in this town?

Question

Quizplus · Accepted Answer

To compute the unemployment rate you must know the number unemployed and divide it by the labor force. The labor force is 73, taking out those 10 children who are too young to work and the 17 people who are not in the labor force (retired, full-time students, and homemakers). We know 63 are working, so 10 must be unemployed. Ten divided by 73 is 13.7 percent.

In a Small Town of 100 People, There Are 10