Question

LECTURE 1: MIDTERM QUESTION 3.2 the adult population of Finlandia is 10 million, of which 5 million are employed, 2 million are unemployed, 0.5 million are discouraged workers and the rest are not currently working and/or not seeking employment. what is the unemployment rate?

Answer 1

The unemployment rate in Finlandia, with an adult population of 10 million and 2 million unemployed, is approximately 28.57%.

Step-by-step explanation:

The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. In the scenario where the adult population of Finlandia is 10 million, with 5 million employed and 2 million unemployed, discouraging workers and those not seeking employment are not considered part of the labor force. So, the unemployment rate would be the number of unemployed (2 million) divided by the sum of employed and unemployed persons (7 million), which gives us an unemployment rate of approximately 28.57%.