Question

A nation has a population of 260 million people. Of these, 60 million are retired, in the military, in institutions, or under 16 years old. There are 188 million who are employed and 12 million who are unemployed. What is the unemployment rate

Answer 1

Answer: 6%

Explanation:

Total population= 260 million.

Dependent population= 60 million

Employed population= 188 million

Unemployed population= 12 million

Total Labour Force= employed population + unemployed population

= 188 million + 12 million

= 200 million

Therefore total labor force= 200 million

Unemployment rate= unemployed people/ Total Labour Force×100

= 12 million/200 million×100

=0.06× 100

=6%

Unemployment rate= 6%