Question

In a small country, the adult population equals 10,000. In that country, 10,000 people are in the labor force and 7000 people are unemployed. The unemployment rate equals
A.) 0.63 percent
B.) 7 percent
C.) 10 percent
D.) an undetermined amount given the lack of information

Answer 1

The unemployment rate is calculated by dividing the overall labor force's size by the number of jobless people, then multiplying the result by 100.

In light of the incomplete facts, the answer is: it is unknown.

How is the size of the labor force determined?

An estimation of the size of the labor force in an economy is the labor force participation rate. The calculation is the proportion of the working-age non-institutionalized population, aged 16 and older, who are employed or actively looking for work.

How are the numbers for those not working determined?

Divide the total civilian noninstitutional population by the number of people who are employed or actively seeking employment to find the formula for the labor force participation rate.

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