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Assume the following for the town of Boone: it has a total population of 60,000 people, of which 4,000 are under 16 years of age or are institutionalized; 4,000 are full-time students who are not employed and are not seeking work; and 50,000 are employed. The rest of the people are out of work but have been actively seeking work within the past four weeks.What is Boone's unemployment rate?

Respuesta :

Answer: Boone's unemployment rate is 3.85%.

We need to calculate the number of people who are unemployed in Boone.

[tex]Number of unemployed people =  

Total population\\                                                        

- People under 16 or institutionalized\\                                                        

-  Full time students\\                                                        

-  Employed people[/tex]

[tex]Number of unemployed people = 60,000 - 4000 - 4000 - 50000[/tex]

[tex]Number of unemployed people = 2,000[/tex]

Next we calculate the civilian labor force.

[tex]Civilian Labor Force = Number of employed people + Number of unemployed people[/tex]

[tex]Civilian Labor Force = 50000 + 2000 = 52000[/tex]

Finally, we calculate the unemployment rate as follows:

[tex]Unemployment rate = \frac{No. of unemployed people}{Civilian labor force}[/tex]

[tex]Unemployment rate = \frac{2000}{52000} = 0.038461538[/tex]

Unemployment Rate = 3.85%


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