ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Assuming the total population is 100 million, the civilian labor force is 50 million, and 3 million workers are unemployed, the unemployment rate is:
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3 percent.
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6 percent.
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7 percent.
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9 percent.
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Explanation:
Detailed explanation-1: -Assuming the total population is 100 million, the civilian labor force is 50 million, and 47 million workers are employed, the unemployment rate it: 6 percent.
Detailed explanation-2: -labor force = number of persons unemployed / unemployment rate = 6 million / 6% = 100 million.
Detailed explanation-3: -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-4: -Expert-Verified Answer The unemployment rate is 10%.
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