Imagine a country has a population of 210 million. Within the country there are 95 million people who are employed workers, 50 million people incapable of working, and 60 million people capable of working, but not actively looking. Based on this information, what is the unemployment rate?
Imagine a country has a population of 210 million. Within the country there are 95 million people who are employed workers, 50 million people incapable of working, and 60 million people capable of working, but not actively looking. Based on this information, what is the unemployment rate?
A. 3%
B. 5%
C. 7%
D. 9%
I know it's not D. 9%. Please help me :(
50+60+95=205 not 210
Further, the 60 Mil. people not working also aren't looking for work, so they would not be counted (at least in the American system), making the answer 0% which is imposable.
If they were counted, the only ones you are looking at are them. SO...
205/60 = 3.14%
OR (as given) with 210
210/60 = 3.5% both of which are close to one of your choices.
To calculate the unemployment rate, we need to find the number of unemployed people and divide it by the total labor force.
The total labor force is the sum of employed workers and people capable of working but not actively looking.
Total Labor Force = Employed Workers + People Capable of Working but Not Actively Looking
= 95 million + 60 million
= 155 million
To find the number of unemployed people, we subtract the total labor force from the total population.
Unemployed People = Total Population - Total Labor Force
= 210 million - 155 million
= 55 million
Now, we can calculate the unemployment rate by dividing the number of unemployed people by the total labor force and multiplying by 100 to get the percentage.
Unemployment Rate = (Unemployed People / Total Labor Force) * 100
= (55 million / 155 million) * 100
≈ 35.48%
Therefore, the unemployment rate for the given country is approximately 35.48%.