If a country's population (age 16 and over)is 50 million,with 2 million unemployed and 28 million currently holding jobs,the unemployment rate is

Question

Quizplus · Accepted Answer

The labor force consists of both employed and unemployed individuals. Therefore, the labor force in this case is 28 million (employed) + 2 million (unemployed) = 30 million.

The unemployment rate is calculated as the number of unemployed individuals divided by the labor force, multiplied by 100:

Unemployment rate = (2 million / 30 million) x 100 = 6.7 percent

The labor force participation rate is calculated as the number of individuals in the labor force (employed + unemployed) divided by the total population aged 16 and over, multiplied by 100:

Labor force participation rate = (30 million / 50 million) x 100 = 60 percent

If a Country's Population (Age 16 and Over)is 50 Million,with