In an economy, there are 61 million of employed people, 4 million of unemployed people, and...
In an economy, there are 61 million of employed people, 4 million of unemployed people, and the population is 109 million. What is the unemployment rate? Express your answer as percentages rounded to 2 decimals if necessary (i.e. 23.567% should be written as 23.57)
Homework Answers
Ans:
Unemployment rate = 6.15%
Explanation
Labor force = Employed + Unemployed
= 61 million + 4 million
= 65 million
Unemployment rate = (Unemployed / Labor force) * 100
= (4 million / 65 million) * 100
= 6.15%
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