Suppose that in some state the civilian, non-institutionalized adult population is 4 million, the labor force participation rate is 75%, and 250,000 people are unemployed. What is the unemployment rate (to the nearest tenth, no % sign)?

1 answer
Question:

Suppose that in some state the civilian, non-institutionalized adult population is 4 million, the labor force participation rate is 75%, and 250,000 people are unemployed. What is the unemployment rate (to the nearest tenth, no % sign)?

Answers

Answer:8.33%Explanation:The computation of the unemployment rate is shown below;Before computing it, first we have to determine the labor force which is As we know thatLabor force participation rate = Labor force ÷ Total non-institutionalized adult population75% = Labor force ÷ 4,000,000So, the labor force is = 4,0000,000 × 0.75= 3,000,000Now unemployment rate is = Unemployed people ÷ Labor force= 250,000 ÷ 3,000,000= 8.33%

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