Question

In an economy with a population of 100 million persons, 42 million hold civilian jobs and 6 million are not working but are looking for a job. The unemployment rate is______________

Answer 1

Answer:

The unemployment rate is 12.5%

Explanation:

The formular for solving unemployment rate is:

Number of unemployed persons/ Total number of civilian force × 100

The number of unemployed persons is 6 million

The total number of civilian force is 6milllion + 42 million = 48 million

Therefore unemployment rate is

6/48 ×100 = 12.5%

Thus, the unemployment rate is 12.5%