Scenario: Consider Country A with a population of 2 million people. In Country A, there are 1.5 million people employed; 0.3 million younger than 18, in school or retired; 0.1 million voluntarily unemployed; and 0.1 million people officially unemployed.
-Refer to the scenario above.What is the current unemployment rate in Country A?

Question

Quizplus · Accepted Answer

The unemployment rate is calculated as the number of unemployed individuals divided by the labor force, then multiplied by 100. In Country A, the labor force consists of those employed (1.5 million) and officially unemployed (0.1 million), totaling 1.6 million. The officially unemployed are 0.1 million. Therefore, the unemployment rate is (0.1 million / 1.6 million) * 100 = 6.25%.

Scenario: Consider Country a with a Population of 2 Million