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5 March, 12:11

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) ?

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  1. 5 March, 12:34
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    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 that

    Labor force participation rate = Labor force : Total non-institutionalized adult population

    75% = Labor force : 4,000,000

    So, the labor force is

    = 4,0000,000 * 0.75

    = 3,000,000

    Now unemployment rate is

    = Unemployed people : Labor force

    = 250,000 : 3,000,000

    = 8.33%
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