Question

Assume the following for the town of Boone: it has a total population of 40,000 people, of which 1,000 are under 16 years of age or are institutionalized; 5,000 are full-time students who are not employed and are not seeking work; and 30,000 are employed. The rest of the people are out of work but have been actively seeking work within the past four weeks. What is Boone's unemployment rate?

Answer 1

Answer:

11.8%

Explanation:

The rate of the town of Boone is as follows

Unemployment rate = 100 x Unemployed / Labour force  

Labor force = 30000 + unemployed  

Unemployed = 40000 - 1000 - 5000 - 30000 = 4000 (The number of people unemployed at town of Boone)

Unemployment rate = 100 x 4000/34000 = 11.8%

Therefore, the correct answer for this 11.8% .This is a percentage of people unemployed in the town of Boone.