In a given country, the total labor force population is 5,000,000, the number of employed people is 4,200,000, and the number of people looking for work but not finding it for the time being is 800,000. Please calculate the unemployment rate of the country.
Question
In a given country, the total labor force population is 5,000,000, the number of employed people is 4,200,000, and the number of people looking for work but not finding it for the time being is 800,000. Please calculate the unemployment rate of the country.
Solution
The unemployment rate is calculated by dividing the number of unemployed individuals by the total labor force and then multiplying the result by 100 to get a percentage.
Here are the steps to calculate the unemployment rate:
- Identify the number of unemployed individuals: 800,000
- Identify the total labor force: 5,000,000
- Divide the number of unemployed individuals by the total labor force: 800,000 / 5,000,000 = 0.16
- Multiply the result by 100 to get a percentage: 0.16 * 100 = 16%
So, the unemployment rate of the country is 16%.
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