If the labour force of a country is 2.5 million and 2 million are employed , what is the unemployment rate?
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%
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