You Are Given the Following Statistics About the Economy

question 99

Short Answer

You are given the following statistics about the economy:
Relevant population: 348 million
Employed: 228 million
Unemployed: 19 million
Answer the following questions to one decimal point:
a.What is the unemployment rate?
b.What is the labor force?
c.What is the labor force participation rate?

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Definitions:

Sales Tax

A tax imposed by government on sales of goods and services, typically computed as a percentage of the sale price.

Delivery Charge

A fee charged by a seller to cover the cost of delivering goods to a buyer's location.

Valuation Rate

The interest rate or discount rate used in determining the present value of future cash flows or in appraising the value of an asset.

Market Value

The current price at which an asset or service can be bought or sold in a competitive marketplace.