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13-11-2020
Business

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Calculate unemployment rate if adult population of the nation is 800 people of which 450 people are working and 30 are looking for working.

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adnansoomro2019 adnansoomro2019

16-11-2020

Answer:

6.25%

Explanation:

We can calculate the unemployment rate by dividing the unemployed people by the total labor force

Total labor force = Working people + People looking for work

Total labor force = 450 + 30

Total labor force = 480

Unemplyed people = 30

Unemployment rate = 30/ 480

Unemployment rate = 0.0625 OR 6.25%

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