Suppose the working age population of a fictional economy, Jessica Town, falls into the following categories: 100 are retired homemakers; 50 have full-time employment; 15 have part-time employment; 28 do not have employment but are actively looking for employment; and 16 would like employment but do not have employment and are not actively looking for employment. The official unemployment rate as calculated by the U. S. Bureau of Labor would equal:

30.1%

Explanation:

The unemployment rate includes those who do not have employment but are actively looking for employment not those who do not have a job and are not looking.

The rate is also based on the Labor force which is the portion of the population that is able and willing to work. Retirees are not included in this measure. Those who are not looking are not willing.

Labor Force = 50 full-time + 15 part-time + 28 unemployed

= 93 people

Unemployment rate:

= 28 / 93 * 100

= 30.1%

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.