Question

If the size of the labor force is 250.5 million, and 243.5 million people are employed, what is the unemployment rate

Answer 1

2.8%

Step-by-step explanation:

Unemployment is a situation in which qualified people who are willing and able to work could not get an appropriate job.

unemployment rate =
`(number of unemployed people)/(labor force)` x 100

number of unemployed people = labor force - number of employed

= (250.5 - 243.5) million

= 7 million

The number of unemployed people is 7 million.

So that,

unemployment rate =
`(7000000)/(250500000)` x 100

= 0.02794 x 100

= 2.8%

Therefore, the unemployment rate is 2.8%