If in a population of 1000 people, 400 people are in the labour force, 392 are employed, what is the unemployment rate?
A) 2%
B) 8%
C) 6%
D) 4%
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To find out the unemployed rate, we have to first find out the number of unemployed citizens, then divide it by the labor required and then multiply by 100.
Total population = 1000 people
Labour force = 400 people
Employed = 392 people
Unemployed people = 400-392 =8 people
Unemployment rate = (8/400)*100 = 2%
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