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A city plans to reduce its unemployment rate from 8% to 4% in 4 years. What is t

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Question: A city plans to reduce its unemployment rate from 8% to 4% in 4 years. What is the average annual reduction in unemployment rate?

Options:

  1. 1%
  2. 1.5%
  3. 2%
  4. 2.5%

Correct Answer: 2%

Solution: 

The average annual reduction is (8% - 4%) / 4 = 1%.

A city plans to reduce its unemployment rate from 8% to 4% in 4 years. What is t

Practice Questions

Q1
A city plans to reduce its unemployment rate from 8% to 4% in 4 years. What is the average annual reduction in unemployment rate?
  1. 1%
  2. 1.5%
  3. 2%
  4. 2.5%

Questions & Step-by-Step Solutions

A city plans to reduce its unemployment rate from 8% to 4% in 4 years. What is the average annual reduction in unemployment rate?
  • Step 1: Identify the current unemployment rate, which is 8%.
  • Step 2: Identify the target unemployment rate, which is 4%.
  • Step 3: Calculate the total reduction needed by subtracting the target rate from the current rate: 8% - 4% = 4%.
  • Step 4: Determine the number of years over which this reduction will take place, which is 4 years.
  • Step 5: Calculate the average annual reduction by dividing the total reduction by the number of years: 4% / 4 = 1%.
  • Percentage Reduction – Understanding how to calculate the average annual reduction in a percentage over a specified time period.
  • Basic Arithmetic – Applying basic arithmetic operations to find the difference and average.
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