ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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percentage of unemployed people who are both willing & able to work
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percentage of unemployed people who are willing but not able to work
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percentage of unemployed people who are able but not willing to work
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None of the above
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Detailed explanation-1: -Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed).
Detailed explanation-2: -The unemployment rate represents the number of unemployed people as a percentage of the labor force (the labor force is the sum of the employed and unemployed). The unemployment rate is calculated as: (Unemployed รท Labor Force) x 100.
Detailed explanation-3: -labor force = number of persons unemployed / unemployment rate = 6 million / 6% = 100 million.
Detailed explanation-4: -In simple terms, the unemployment rate for any area is the number of area residents without a job and looking for work divided by the total number of area residents in the labor force.