In Hockeytown, USA, the adult population (over the age of 16) is 307

Economics Sep 22, 2020

In Hockeytown, USA, the adult population (over the age of 16) is 307.2 thousand and the number of people in the labor force is 188.6 thousand. There are 128.4 thousand people employed. The unemployment rate in Hockeytown is _______ percent. Round your answer to one digit to the right of the decimal (for example, 8.3) and do NOT include the percent symbol.

Expert Solution

Labor force = Employed + Unemployed

188.6 thousand = 128.4 thousand + Unemployed

Unemployed = 60.2 thousand

Unemployment rate = Unemployed / Total labor force

= 60.2 /188.6

= 0.319 or 31.9%

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