Consider an economy made up of 100 people,50 of whom hold jobs,10 of whom are looking for work,and 15 of whom are retired.The unemployment rate is approximately

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Quizplus · Accepted Answer

The unemployment rate is the percentage of the labor force that is unemployed. The labor force is the sum of those who are employed and those who are unemployed and looking for work. In this case, the labor force is 50 + 10 = 60 people. The unemployment rate is therefore 10 / 60 * 100 = 16.67%, which is approximately 17%.

Consider an Economy Made Up of 100 People,50 of Whom