WAEC - Economics (2011 - No. 27)
If the labour force of a country is 2.5 million and 2 million are employed , what is the unemployment rate?
0.2%
20%
200%
250%
Maelezo
Unemployment Rate = Number of Unemployed Persons / Labor Force.
Labour force = 2.5million
Employed = 2 million
unemployed = 2,500,000 - 2,000,000 = 500,000
\(\frac{500,000}{2,500,000}\) = 0.2
percentage = 0.2 x 100 = 20
20%