Ask Question
22 June, 18:56

If the number of unemployed persons in a country equals 24 million, the number of employed persons equals 8 million, and the number of persons over age 16 in the population equals 40 million, the unemployement rate equals:

a. 18%

b. 25%

c. 32%

+3
Answers (1)
  1. 22 June, 19:02
    0
    Full Question:

    If the number of unemployed persons in a country equals 24 million, the number of employed persons equals 8 million, and the number of persons over age 16 in the population equals 40 million, the unemployment rate equals:

    a. 18%

    b. 25%

    c. 32%

    d. 75%

    Answer:

    The correct answer is D) 75%

    Explanation:

    Step 1:

    The formula for unemployment rate is:

    Unemployment Rate = (Number of Unemployed Persons / Labor Force) x 100

    The labor force is the sum of unemployed and employed persons. By dividing the number of individuals whom are unemployed by labor force, you'll find the labor force participation, or unemployment rate.

    Step 2

    Therefore:

    The labor force is arrived at by adding:

    24 Million and 8 Million.

    (24,000,000 + 8,000,000) = 32 Million

    Step 3:

    If number of unemployed persons is given as 24 Million, therefore

    Unemployment rate = (24,000,000/32,000,000) x 100

    Unemployment rate = 75%

    Cheers!
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “If the number of unemployed persons in a country equals 24 million, the number of employed persons equals 8 million, and the number of ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers