Suppose a nation has a total population of 100,000,000. Out of that, 70% are in the labor force and 65% of the population is employed. What is the nation's unemployment rate?

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Quizplus · Accepted Answer

The nation's labor force is 70% of 100,000,000, which is 70,000,000. The number of employed individuals is 65% of 100,000,000, which is 65,000,000. Therefore, the number of unemployed individuals is the difference between the labor force and the employed individuals, which is 70,000,000 - 65,000,000 = 5,000,000. The unemployment rate is the number of unemployed individuals divided by the labor force, then multiplied by 100 to get a percentage: (5,000,000 / 70,000,000) * 100 = 7.1%.

Suppose a Nation Has a Total Population of 100,000,000