Question

The table below reports the total population in a country and the number of people in different groups as below:Total population 280 millionPeople in jail 10 millionPeople working part time 30 millionPeople working full time 80 millionChildren less than 16 years of age 50 millionPeople serving in the military 15 millionRetirees 30 millionMarginally attached workers 20 millionFull time students 30 millionWhat is the unemployment rate?

Answer 1

The unemployment rate in this population is 12%

First of all we have to find the total labour force in this country

Children less than 18 + people in the military + people in jail + retirees + marginally attached workers + full time students

= 50million + 15million + 30 million + 10 million + 30 million + 20

= 155 million

Labor force = 280million - 155 million

= 125 million

In this population those working full time and part time are the number of those that are employed.

= 30 million + 80 million

= 110 million

The unemployed = 125 million - 110 million

= 15million

The unemployment rate =

$\frac{Unemployed}{LaborForce} \\=\frac{15}{125}$

= 0.12

The unemployment rate = 12%

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