Question

If the number of employed persons in a country equals 27 million, the number of unemployed persons equals 3 million, and the number of persons over age 16 in the population equals 35 million, the unemployment rate equals:

Answer 1

Answer:

26.67%

Explanation:

Employed person = 27 million

Unemployed person = 3 million

Total labour force = Number of people employed + Number of people unemployed

Total labour force = 27 million + 3 million

Total labour force = 30 million

Unemployment rate = Number of people unemployed + Remaining people / Total labour force

Unemployment rate = 3 million + 5 million / 30 million

Unemployment rate = 8/30

Unemployment rate = 0.2666667

Unemployment rate = 26.67%

Hence, the unemployment rate equals 26.67%