Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In the island of Mustique the civilian noninstitutionalized working-age population is 32.5 million. Out of this population, 9.71 million are working full-time and 5.7 million

In the island of Mustique the civilian noninstitutionalized working-age population is 32.5 million. Out of this population, 9.71 million are working full-time and 5.7 million are working part-time. Records of the most recent job-search activity indicate that 2.60 million searched for jobs less than two weeks ago, while 1.95 million most recently looked for work between two and four weeks ago. An additional 3.87 million most recently looked for work five weeks ago, and the remaining 8.67 million who do not have jobs have not looked for work in the past six weeks. What is the unemployment rate? a. 22.79% b. 19.50% c. 35.33% d. 27.50%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Macroeconomics

Authors: Paul Krugman, Robin Wells

4th Edition

1464110379, 9781464110375

More Books

Students also viewed these Economics questions