If the labour force of a country is 2.5 million and 2 mil...
If the labour force of a country is 2.5 million and 2 million are employed, what is the unemployment rate?
0.2%
20%
200%
250%
Correct answer is B
Unemployment Rate = Number of Unemployed Persons / Labor Force.
Labour force = 2.5million
Employed = 2 million
unemployed = 2,500,000 - 2,000,000 = 500,000
500,000 / 2,500,000 = 0.2
percentage = 0.2 x 100 = 20
20%
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