Unemplyment rate question?

suppose 1000 people were surveyed. 920 were working full time. of the other 80, 10 were working part time, 15 were college students, 20 were retired, 5 were under 16, 10 were discouraged workers, and 20 were actively looking for work

how many are not eligible to be in the labor force?

what is the unemployment rate among the 1000 surveyed?

For the first question i got 5 and the second one i got 2.11% please let me know if these are correct.

Unemplyment rate question?credot siosse

1 - 50 people

The labor force is defined as people aged 16-65 who are *both* able and willing to work. The people excluded from the labor force in this scenario are the 5 under 16, the 10 discouraged workers (no longer willing to work), the 20 retired people (also no longer willing to work), and the 15 college students (consciously choosing college over work, thus not willing to work). Thus you have 50 people excluded from the labor force.

2 - 2.105% = 2.11%

The unemployment rate is defined as what percentage of the labor force is not currently employed. The labor force is 1000-50 = 950 people. Of the 950, only 20 are unemployed and looking for work, thus your unemployment rate is 20/950 = 2.105% or 2.11%

I don%26#039;t know how you got 2.11% (the correct answer) after missing the first question. Also, the other answer is completely incorrect.

Hope that helps.

Unemplyment rate question?

loan

for the first... 5

for the second 70/1000=7%|||the labour force is

920+10+20

you count the people working full and part plus people looking for work.

students are not counted. 15 aree retired and therfore arent in labour force. labour force only consists of people ova 16. and the 10 discouraged workers are %26quot;hidden%26quot;. when calculating the unemplyment rate these people are not counted and are therefore the hidden unemployed. thus they arent in labour force either.

Natural unemployment is therefore 20/950 = 2.11%.

just double check about the hidden unemployed it changes from country to country.

btw i know you didnt get 5. you must have a bodgey 0 key, otherwise you couldnt get the right rate.