Assume a country to have 1000 labour forcces, in which 100 people are unemployed and 900 people are employed. What is the unemployment rate of the country?
Question
Assume a country to have 1000 labour forcces, in which 100 people are unemployed and 900 people are employed. What is the unemployment rate of the country?
Solution
Sure, let's calculate the unemployment rate step by step:
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The unemployment rate is calculated as the number of unemployed people divided by the total labor force, then multiplied by 100 to get a percentage.
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In this case, the number of unemployed people is 100 and the total labor force is 1000.
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So, we divide 100 (unemployed people) by 1000 (total labor force).
100 ÷ 1000 = 0.1
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Then, we multiply this result by 100 to get a percentage.
0.1 * 100 = 10
So, the unemployment rate of the country is 10%.
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