Question

Suppose the population is 300 million​ people, the labor force is 200 million​ people, the number of people employed is 185​ million, and the workingminusage population is 170 million people. What is the unemployment​ rate?

Answer 1

Answer:

7.5%

Explanation:

The formula to compute the unemployment rate is shown below:

Unemployment rate = (Number of Unemployed workers) ÷ (Total labor force) × 100

where,

Number of people employed is 185 million

And, the labor force is 200 million

So in order to find out the unemployment rate, we subtract it by 1

= 1 - ($185 million ÷ $200 million)

= 1 - 0.925 million

= 7.5%