Question

In a country total population is 365 million. Of that, the number of under the age of 16 is 255 million. Among the rest of the population, 10 million are out of labor force. 95 million are employed among those who are in labor force. What is the unemployment rate?

Answer 1

The unemployment rate is calculated by dividing the number of unemployed individuals by the total labor force and multiplying by 100 to yield a percentage.

Step-by-step explanation:

To calculate the unemployment rate, we need to focus on the group of people who are part of the labor force. In this country, the labor force consists of both the employed and the unemployed individuals who are of working age. With a total population of 365 million and 255 million under the age of 16, we have 110 million individuals in the potential labor force. Subtracting the 10 million out of the labor force leaves us with 100 million people in the labor force. Of these, 95 million are employed, and the remainder is unemployed.

To find the unemployment rate:

1. Subtract the number of people under 16 and those not in the labor force from the total population to find the labor force: 365 million - 255 million - 10 million = 100 million.
2. Subtract the number of employed individuals from the labor force to find the unemployed: 100 million - 95 million = 5 million unemployed.
3. Calculate the unemployment rate by dividing the number of unemployed by the total labor force and then multiplying by 100 to get a percentage: (5 million ÷ 100 million) × 100 = 5%.

Therefore, the unemployment rate in this country is 5%.