The country of Freedonia uses the same method to calculate the unemployment rate as the U.S. Bureau
Question:
The country of Freedonia uses the same method to calculate the unemployment rate as the U.S. Bureau of Labor Statistics uses. From the following data, compute Freedonia’s unemployment rate.
Population................................................................................. 10,000,000
Under 16...................................................................................... 3,000,000
Over........................................................................................................... 16
In military service........................................................................... 500,000
In hospitals .....................................................................................200,000
In prison ..........................................................................................100,000
Worked one hour or more in previous week...........................4,000,000
Searched for work during.......................................................... 1,000,000
previous four weeks
Step by Step Answer:
Macroeconomics Principles and Applications
ISBN: 978-1111822354
6th edition
Authors: Robert E. Hall, Marc Lieberman