Dr.Hardstark's economics class has 50 students.Ten students in the class have part-time jobs.Three students in the class would like to have part-time jobs,and one of the three is looking for a part-time job.What is the unemployment rate in the class?

Question

Quizplus · Accepted Answer

The number of students with part-time jobs is 10. The number of students who would like to have part-time jobs is 3, but only 1 of those 3 is currently unemployed and looking for a job. Therefore, the total number of unemployed students is 1+ (10-10) = 1.

The unemployment rate is calculated by dividing the number of unemployed individuals by the total labor force (those either employed or looking for employment). Therefore, the unemployment rate in the class is 1/11 or 0.091, which is equivalent to 9.1 percent.

DrHardstark's Economics Class Has 50 Students