the true unemployment rate is 7% assume that 100 employable people are selected randomly
7% means 7 per hundred.
Does that help?
You have not asked a complete question.
To determine the number of unemployed individuals in a random sample of 100 employable people, we can use the given true unemployment rate of 7%.
Step 1: Calculate the number of individuals who are employed:
Employment Rate = 100% - Unemployment Rate
Employment Rate = 100% - 7% = 93%
So, in the random sample of 100 people, approximately 93 individuals would be employed.
Step 2: Calculate the number of individuals who are unemployed:
Unemployed individuals = Total individuals - Employed individuals
Unemployed individuals = 100 - 93 = 7
Therefore, in this random sample of 100 employable people, we can expect approximately 7 individuals to be unemployed.