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vagabundo [1.1K]
3 years ago
15

Suppose the population of a country is 1.1 million and the labor force is 800,000. 760,000 are employed. Assume that full-employ

ment occurs at a 4 percent unemployment rate at a real GDP level of $100 billion. Based on the information above, what is the unemployment rate
Business
1 answer:
Ivenika [448]3 years ago
8 0

Answer: 5%

Explanation:

Unemployment rate = Number unemployed / Labor force * 100%

The number of people who are unemployed are:

= Labor force - Employed people

= 800,000 - 760,000

= 40,000 people

Unemployment rate = 40,000 / 800,000 * 100%

= 5%

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Question 2 of 10
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