Question

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%

Answer 1

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%