Using the following information, calculate the unemployment rate for Workerland:
population = 1,000,000
employed = 750,000
unemployed but seeking a job = 100,000
those not participating in the labor force = 150,000
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To calculate the unemployment rate for Workerland, you need to use the formula:
Unemployment Rate = (Unemployed / Labor Force) * 100
First, we need to calculate the labor force, which is the sum of employed and unemployed individuals actively seeking a job.
Labor Force = Employed + Unemployed
Labor Force = 750,000 + 100,000
Labor Force = 850,000
Now that we have the labor force, we can calculate the unemployment rate.
Unemployment Rate = (Unemployed / Labor Force) * 100
Unemployment Rate = (100,000 / 850,000) * 100
Unemployment Rate ≈ 11.76%
Therefore, the unemployment rate for Workerland is approximately 11.76%.