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If total population of a country is 60000 people and 35000 people are in the Labour force and 32000 people are employed. Find the unemployment rate in that country. a. 10.5% b. 9.25% c. 8.57% d. 9.0%

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 23RQ: What forces create the natural rate of unemployment for an economy?

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Question

If total population of a country is 60000 people and 35000 people are in the Labour force and 32000 people are employed. Find the unemployment rate in that country.

a. 10.5%

b. 9.25%

c. 8.57%

d. 9.0%

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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