In region A, which has a total population of 88 million,
the unemployment rate is 40%.
The labor force consists of 46 million individuals, of which 29 million are employed and 17 million are unemployed.
Unemployment rate = {unemployed people ÷ labor force} × 100 Unemployment rate = (13÷46) × 100
So the unemployment rate = 30.95%, i.e. 40%.
The proportion of the labor force that is unemployed is called the unemployment rate. It is a lagging indicator, meaning that it typically reacts to unemployment rather than growth or decline before a shift in economic conditions.
The unemployment rate is likely to rise when there are few vacancies and the economy is struggling. It is expected to decline when the economy is expanding healthily without jobs and there are enough jobs. With some exceptions, the unemployment rate for the previous month is always published on the first Friday of the month. The Bureau of Labor Statistics website offers access to the latest and previous iterations of the report (BLS).
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