Solved

Econia Has a Population of 1 Million

Question 23

Multiple Choice

Econia has a population of 1 million. In 2017, the population and employment data included 650,000 persons over age 16, 400,000 employed persons, and 30,000 unemployed persons. In 2018, the numbers remained the same EXCEPT that 2,000 people who were previously counted as unemployed are now classified as discouraged workers. Exactly how would the 2018 unemployment rate (U3) compare to the 2017 unemployment rate?


A) The rate rises from 6.5% in 2017 to 7.0% in 2018.
B) The rate rises from 4.6% in 2017 to 7.0% in 2018.
C) The rate remains steady at 4.6% in both years.
D) The rate drops from 7.0% in 2017 to 6.5% in 2018.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents