Homework Answers
Answer
Unemployment rate = (Number of unemployed / (Labor Force))*100
Labor Force = Number of unemployed + Number of employed = 7 million + 150 million = 157 million
Hence, Unemployment rate = (Number of unemployed / (Labor Force))*100 = (7 million / (157 million))*100
=> Unemployment rate = 4.46%
Hence, Unemployment rate for this country is 4.46%
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