refer to the following information: In Littleville, which has 1000 residents, 400 people do not currently work. Of these 400 persons, 240 are under age 16, 10 are institutionalized, 25 have become discouraged and quit seeking work, and 75 others are either full-time students or home-makers. Of the 600 people who do work, 150 work part-time but wish to work full-time.
-What is the official unemployment rate in Littleville?

Question

refer to the following information:  In Littleville, which has 1000 residents, 400 people do not currently work.  Of these 400 persons, 240 are under age 16, 10 are institutionalized, 25 have become discouraged and quit seeking work, and 75 others are either full-time students or home-makers.  Of the 600 people who do work, 150 work part-time but wish to work full-time.
-What is the official unemployment rate in Littleville?

Quizplus · Accepted Answer

The official unemployment rate is calculated by dividing the number of unemployed individuals by the labor force. In Littleville, the unemployed individuals are those who do not work but are actively seeking work. This excludes those under age 16, institutionalized, full-time students, and homemakers, leaving 25 discouraged workers as unemployed. The labor force includes those working (600) and those unemployed but seeking work (25), totaling 625. Therefore, the unemployment rate is 25/625 or simplified to 50/650.

Refer to the Following Information: in Littleville, Which Has