The labor force in country XYZ is 10,000,000 and the number of employed is 7,000,000. Calculate the number of unemployed and the unemployment rate

What will be an ideal response?


Labor force = Number of employed + Number of unemployed
10,000,000 = 7,000,000 + Number of unemployed
10,000,000 - 7,000 = 3,000,000

Unemployment rate = (Number of unemployed/Labor force) × 100%
3% = (3,000,000/10,000,000 ) × 100%

Economics

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