ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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How many people are not in work / Total Population x 100
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Total Unemployed/Total population x 100
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Total unemployed/Workforce x 100
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Total unemployed/ (total employed + total unemployed) x 100
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Detailed explanation-1: -Where, U is the Unemployment rate. The labor force consists of both employed and 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 ÷ Labor Force) x 100.
Detailed explanation-3: -See the notes beginning on page 4 for more information. Both the unemployment rate, at 3.4 percent, and the number of unemployed persons, at 5.7 million, changed little in January. The unemployment rate has shown little net movement since early 2022. (See table A-1.
Detailed explanation-4: -The percentage of unemployment rate is calculated as Unemployed Individuals/Total Labour Force × 100.
Detailed explanation-5: -Cyclical Unemployment: actual rate of unemployment-natural rate of unemployment = u-u*. The cyclical rate of unemployment is the unemployment created by recessions and booms. During recessions, u-u* > 0; during booms, u-u* < 0.