Question

suppose the labor force in an economy equals 153 million workers. out of 153 million workers, 145.2 million workers are employed and 7.8 million are unemployed. hence, the unemployment rate equalspercent

Answer 1

The unemployment rate is equal  to 5.1%.

What is the unemployment rate?

The labour force consists of those who are willing and able to work and are within the working age - 16 to 65 years. The employed includes all who have jobs. The unemployed includes those without jobs who are actively looking for jobs.

Types of unemployment includes:

• Cyclical unemployment
• Structural unemployment
• Frictional unemployment

The unemployment rate can be determined by dividing the number of workers that are unemployed by the total number of the labor force of the economy.

The unemployment rate  = (number of unemployed workers / total labor force) x 100

The unemployment rate  = (7.8 million / 153 million) x 100 = 5.1%

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Answer 2

The unemployment rate equals 5.10 percent

What is unemployment rate?

Unemployment rate is the portion of the labor force in an economy who are unable to find jobs for living.

The unemployment rate is determined as the number of unemployed divided by the labor force, in other words, the unemployment rate is computed thus:

unemployment rate=unemployed/labor force

unemployed=7.8 million

labor force=153 million

unemployment rate=7.8 million/153 million

unemployment rate=5.10%

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