Question

If the number of employed persons in a country equals 27 million, the number of unemployed persons equals 3 million, and the number of persons over age 16 in the population equals 35 million, the unemployment rate equals:

Answer 1

The unemployment rate is calculated by dividing the number of unemployed persons by the total labor force and then multiplying by 100. In this case, the unemployment rate is 10%.

Step-by-step explanation:

To calculate the unemployment rate, you consider the labor force, which is the sum of employed persons and unemployed persons. In this scenario, the labor force would be the number of employed persons (27 million) plus the number of unemployed persons (3 million), which equals 30 million. The unemployment rate is then calculated by dividing the number of unemployed persons by the total labor force and multiplying by 100 to get a percentage.

Therefore, the unemployment rate would be:

Unemployment rate = (Unemployed / Labor Force) × 100

Unemployment rate = (3 million / 30 million) × 100

Unemployment rate = 0.1 × 100

Unemployment rate = 10%

Answer 2

26.67%

Step-by-step explanation:

Employed person = 27 million

Unemployed person = 3 million

Total labour force = Number of people employed + Number of people unemployed

Total labour force = 27 million + 3 million

Total labour force = 30 million

Unemployment rate = Number of people unemployed + Remaining people / Total labour force

Unemployment rate = 3 million + 5 million / 30 million

Unemployment rate = 8/30

Unemployment rate = 0.2666667

Unemployment rate = 26.67%

Hence, the unemployment rate equals 26.67%