Employment Rate

Question

If the total population in a country is 200 million, the number of unemployed is 15 million, the number of employed people is 45 million and the number of voluntary unemployed is 90 million, what is the employment rate in this country?

Answer 1

Hi, Farak. The employoment rate is caculated by the number of employed people divide by the number of people in the labor force multiply with 100%. So in your question the number of employed = 45 million, the number of people in the labor force =number of peple employed +number of people unemployed =15+45=60 million. So the employment rate = 45/60 *100%=60%. This question will not use the 200 million because it is the total pouplation but for employment we only consider total number of people in the labor force which we exclude babies, people in institutioni ( jail or asylum). Just be careful in the future when you use the formula. Hope my answer helps you.