ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The number of those in work as a percentage of the population of working age people
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The number of those unemployed as a percentage of the population of working age people
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The number of those unemployed as a percentage of the labour force
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The number of those not in work and unemployed as a percentage of the population of working age people
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Detailed explanation-1: -The unemployment rate is calculated as the percentage of persons in the labour force who are. unemployed. Given that the labour force includes all persons employed or unemployed, this.
Detailed explanation-2: -There is only one official definition of unemployment-people who are jobless, actively seeking work, and available to take a job, as discussed above. The official unemployment rate for the nation is the number of unemployed as a percentage of the labor force (the sum of the employed and unemployed).
Detailed explanation-3: -Unemployment occurs when someone is willing and able to work but does not have a paid job. The unemployment rate is the percentage of people in the labour force who are unemployed. Consequently, measuring the unemployment rate requires identifying who is in the labour force.
Detailed explanation-4: -Unemployment Rate = Unemployed / Civilian Labor Force The civilian labour force, as mentioned in the formula, consists of both employed and unemployed people.