Suppose the population (age 16 and over) of New Zealand is 48 million; 4 million are unemployed, and 40 million hold jobs. Indicate the rate of unemployment and the employment/population ratio of New Zealand.

Question

Quizplus · Accepted Answer

The unemployment rate is calculated by dividing the number of unemployed by the labor force (the number of employed plus the number of unemployed). In this case, the unemployment rate is 4 million / (4 million + 40 million) = 9.1%. The employment/population ratio is calculated by dividing the number of employed by the population. In this case, the employment/population ratio is 40 million / 48 million = 83.3%.

Suppose the Population (Age 16 and Over) of New Zealand