Question

Consider an economy made up of 100 people, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. the unemployment rate is approximately:______.

Answer 1

Consider an economy made up of 100 people, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. the unemployment rate is approximately 17 % .

What is the formula for the unemployment rate?

• The percentage of the labor force that is employed that is unemployed is known as the unemployment rate (the labor force is the sum of the employed and unemployed).
• (Unemployed Labor Force) x 100 equals the unemployment rate.

What are the 4 types of unemployment?

There are different types of unemployment, including institutional, structural, cyclical, and frictional.

Effects of unemployment on society -

Communities with high rates of unemployment are more likely to have few job opportunities, subpar housing, fewer recreational opportunities, restricted access to public services and transportation, and underfunded schools.

Solutions to unemployment crisis in India -

• Education. Education is the best answer to every issue facing the world.
• Career advice - People looking for work who are having trouble choosing a career path should speak with a career guidance specialist.
• Training that is skill-based: Every job role calls for a particular skill set.
• job referrals

Learn more about unemployment

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