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Chapter 21: Q. 2 (page 523)

Using the above data, what is the unemployment rate? These data are U.S. statistics from 2010. How does it compare to the February 2015 unemployment rate computed earlier?

Short Answer

Expert verified

9.617%

Step by step solution

Step1. Introduction

Unemployment rate calculation refers to the proportion of people who are unemployed out of the total labor force of the country.

Step2. Calculation

Unemployment rate-

14.8/153.9 * 100

=9.617%

US unemployment rate in 2015- 5.28%

Clearly, calculated 9.617% is fairly high than 5.28%.

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Most popular questions from this chapter

What term describes the remaining level of unemployment that occurs even when the economy is healthy?

As the baby boomer generation retires, what should happen to wages and employment? Can you show this graphically?

What criteria do the BLS use to count someone as

employed? As unemployed?

Why is there unemployment in a labor market with

flexible wages?

Are U.S. unemployment rates distributed evenly

across the population?

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