Question

A nation has a population of 300 million people. Of these, 80 million are retired, in the military, in institutions, or under sixteen years old. There are 210 million who are employed and 10 million who are unemployed. What is the unemployment rate?

Answer 1

Answer:

Unemployment rate = 4.55%

Explanation:

We know,

Unemployment rate = Number of unemployed people in a country ÷ Total labor force.

Given,

Number of unemployed people in a country = 10 million

Labor force = Number of unemployed people in a country + Number of employed people in a country

Therefore, Labor force = 10 million + 210 million = 220 million

Putting the values into the above formula, we can get,

Unemployment rate = (10 million ÷ 220 million) × 100

Unemployment rate = 0.04545 × 100

Unemployment rate = 4.55%