City a Has a Total Population of 10 Million, of Which

question 65

Essay

City A has a total population of 10 million, of which 70 percent are adults. Assume that 20 percent of the adult population is not looking for a job and 60 percent of the remaining adult population is employed. Compute:
a. Labor-force participation rate
b. Unemployment Rate

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Definitions:

Specialty Shops

Retail businesses that focus on selling a particular type or category of product, offering a narrow but deep assortment of merchandise.

Big Box Stores

Large retail stores that offer a wide variety of goods and typically have a warehouse or warehouse-like design.

Overconfidence Effect

A cognitive bias where an individual's subjective confidence in their judgments is higher than their objective accuracy.

Self-Serving Bias

A cognitive bias where individuals attribute positive outcomes to their own actions and negative outcomes to external factors.