Suppose the Population of Tiny Town Is 100 People and the Working

question 385

Multiple Choice

Suppose the population of Tiny Town is 100 people and the working age population is 70. If 10 of these people are unemployed, the unemployment rate in Tiny Town is

• A) 10 percent.
• B) 10/70 × 100.
• C) 10/80 × 100.
• D) There is not enough information provided to calculate the unemployment rate.

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Definitions:

Leisure

Free time available for enjoyment and relaxation away from one's duties or work.

Consumption

The process by which goods and services are used and expended by individuals or businesses.

Nonlabor Income

Income received from sources other than employment or work, such as investments, pensions, or gifts.

Bushel

A bushel is a unit of volume that is used primarily for measuring quantities of agricultural produce, such as grains, fruits, and vegetables.