imagine that a country has 870.2 million people employed, 60 million people unemployed, 12 million people in prison, and 30 million people younger than age 16. what is the country's unemployment rate?

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28-10-2022
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imagine that a country has 870.2 million people employed, 60 million people unemployed, 12 million people in prison, and 30 million people younger than age 16. what is the country's unemployment rate?

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MonikaNandal MonikaNandal · Answer 1 · 2022-11-02T09:50:36+01:00

6.45 percent is the country's unemployment rate.

When expressed as a percentage of the labor force, the unemployment rate shows how many individuals are unemployed (the labor force is the sum of the employed and unemployed). By multiplying (Unemployed Labor Force) by 100, one may find the unemployment rate.

What equation is used to get the labor force participation rate?

The labor force is divided by the total population of people who are working-age to determine the labor force participation rates. Ages 15 to 64 are considered to be the working age population. The percentage of each age group is used to calculate this indicator, which is split down by age.

1946 to 1964. Consider a nation where there are 870.2 million people in employment, 60 million people without jobs, 12 million people incarcerated, and 30 million children under the age of 16. How much unemployment is there in the nation? [60 + 870.2] 100 = 6.45 percent.

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