Question

Craigburg has a working age population of 20 million. of those, 11 million are employed and 1 million are unemployed. the unemployment rate is ________ and the participation rate is __________

Answer 1

unemployment rate is 8.3%
participation rate is 60%

Answer 2

The unemployment rate is 8.34% and the participation rate is 60%.

Unemployment rate  and participation rate

Unemployment rate:

Unemployment rate = 1 / (11 + 1) × 100

Unemployment rate=8.34%

Participation rate:

Participation rate=( 1 million+ 11 million)/20

Participation rate=12/20×100

Participation rate=60%

Inconclusion the unemployment rate is 8.34% and the participation rate is 60%.

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