Assume the following for the town of Boone: it has a total population of 40,000 people, of which 1,000 are under 16 years of age or are institutionalized; 5,000 are full-time students who are not employed and are not seeking work; and 30,000 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?

Question

Chico

Business

29 October, 04:54

Assume the following for the town of Boone: it has a total population of 40,000 people, of which 1,000 are under 16 years of age or are institutionalized; 5,000 are full-time students who are not employed and are not seeking work; and 30,000 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?

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Answers (1)

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Markus Hooper · Answer 1

11.8%

Explanation:

The rate of the town of Boone is as follows

Unemployment rate = 100 x Unemployed / Labour force

Labor force = 30000 + unemployed

Unemployed = 40000 - 1000 - 5000 - 30000 = 4000 (The number of people unemployed at town of Boone)

Unemployment rate = 100 x 4000/34000 = 11.8%

Therefore, the correct answer for this 11.8%. This is a percentage of people unemployed in the town of Boone.