What is the rate of undemployment in this economy? (1 Viewer)

[Edu.kid]

Population 20 million
Population employed 10 million
Population unemployed 5 million
Population unemployed but seeking work 4 million
Population aged 15 and over 15 million

a) 15 per cent
b) 16 percent
c) 28 percent
d) 29 percent

Please show working out- i am a little confused as to whether the total labour force is population employed + unemployed or population employed + population unemployed seeking work.

What are your answers and how do you do it.

 

[gnrlies]

Population 20 million
Population employed 10 million
Population unemployed 5 million
Population unemployed but seeking work 4 million
Population aged 15 and over 15 million

a) 15 per cent
b) 16 percent
c) 28 percent
d) 29 percent

Please show working out- i am a little confused as to whether the total labour force is population employed + unemployed or population employed + population unemployed seeking work.

What are your answers and how do you do it.

4 / (10 + 4)

(i.e. unemployed over the labour force)

 

[veloc1ty]

Unemployment rate = Number of persons unemployed / Total labour force * 100 = 4 / (10 + 4) * 100 = 28.57 = 29%

It gets really confusing because people who are unemployed but not seeking work aren't considered unemployed. Get your head around that one. XD

 

[michael1990]

I could of answered that.
But i thought he was talking about the underemployment rate.

MAN I should read.

 

[veloc1ty]

I could of answered that.
But i thought he was talking about the underemployment rate.

MAN I should read.

I did too at first, but you can't calculate underemployment from those stats.

 

[michael1990]

I did too at first, but you can't calculate underemployment from those stats.

Yes, I was right LOL.