A nation has a population of 260 million people. of these, 60 million are retired, in the military, institutionalized, or under 16 years old. there are 188 million who are employed and 12 million who are unemployed. what is the unemployment rate?

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06-01-2018
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A nation has a population of 260 million people. of these, 60 million are retired, in the military, institutionalized, or under 16 years old. there are 188 million who are employed and 12 million who are unemployed. what is the unemployment rate?

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Yna9141 Yna9141 · Answer 1 · 2018-01-19T15:21:40+01:00

The equation for the unemployment rate takes into account only those are within the labor force. Out of the given population of 260 million people, only 200 million of these are within the labor force. This already excludes those who are retired and others.

The unemployment rate is therefore calculated as shown below,

UR = (12 million / 200 million) x 100%

Simplifying,

UR = 6%

Thus, the unemployment rate is equal to 6%.