What is the unemployment rate for the following economy? Employed - 175 million
ID: 1180174 • Letter: W
Question
What is the unemployment rate for the following economy?Employed - 175 million Labor force participation rate - 62% Total population - 338 million Children - 35 million What is the unemployment rate for the following economy?
Employed - 175 million Labor force participation rate - 62% Total population - 338 million Children - 35 million What is the unemployment rate for the following economy?
Employed - 175 million Labor force participation rate - 62% Total population - 338 million Children - 35 million Employed - 175 million Labor force participation rate - 62% Total population - 338 million Children - 35 million
Explanation / Answer
Population to labor force=338-35=303
Labor force= 303 x 0.62=187.86
Employment rate=175/187.86 x 100=93.15
Unemployment rate=100-93.15=6.85
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