Suppose that 30% of a country's population is institutionalized in schools,hospitals, or prisons; 10% are full-time homemakers; another 10% are retired; 45% of the population is employed either full-time or part-time; and 5% of the population is unemployed and seeking work. Then the unemployment rate is

Question

Quizplus · Accepted Answer

The unemployment rate is calculated as the percentage of unemployed individuals out of the total labor force. The labor force includes those employed and those unemployed but seeking work. Here, 45% are employed, and 5% are unemployed but seeking work, making the labor force 50%. Thus, the unemployment rate is 5% of 50%, which is 10%.

Suppose That 30% of a Country's Population Is Institutionalized in Schools,hospitals