Problem
The following information is to be used for the calculation of the unemployment rate: Suppose there are two major groups, adults and teenagers, with adults divided into men and women. Teenagers account for 10% of the labor force. Women make up 35% of the adult labor force. Suppose also that the unemployment rates for these groups are as follows, teenagers, 19%; men, 7%; women, 6%. Calculate the aggregate unemployment rate. What if the share of teenagers in the labor force increases from 10 to 15%. How will this affect the aggregate unemployment rate?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.