Question

JUUL A Quesuu Cumpleeu I UULUISU Save Answer estion 2 of 50 Refer to the following table that shows monthly data for Japan. What was the unemployment rate in January 2014? Month and year January 2014 June 2015 December 2016 March 2017 December 2017 Japan Labor force-male Labor force-female (millions) (millions) 37.6 28.1 37.7 28.6 38.0 29.2 37.7 29.0 37.8 29.7 Number of unemployed people (millions) 2.4 2.2 2.0 1.9 1.8 3.7% 2.8% 3.3% O 3%

Answer 1

As we know, unemployment rate is equal to the unemployed people divided by the labour force. From the table we can see that in January 2014, the total labour force is equal to the sum of male labour force and the female labour force which is equal to 37.6+28.1 = 65.7 million, and in the same period the number of unemployed people is equal to 2.4 million. Therefore, unemployment rate is equal to 2.4 million ÷ 65.7 million = 0.03652. In percentage terms it will be equal to 0.03652 x 100 = 3.65% which is approximately equal to 3.7%.