Question

Suppose a country's labor force is 156.7 million (of whom 140.6 million are employed). What is the country's unemployment rate?

Answer 1

unemployment rate= 0.1027 = 10.27%

Step-by-step explanation:

Giving the following information:

Labor force= 156.7 million

Employed population = 140.6 million

To calculate the unemployment rate, we need to use the following formula:

unemployment rate= unemployed population / labor force

unemployment rate= (156,700,000 - 140,600,000) / 156,700,000

unemployment rate= 16,100,000 / 156,700,000

unemployment rate= 0.1027 = 10.27%