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Q:During 2010, a country in Europe had a population of 7.5 million people (16 years and older). Out of which 4.5 million peopleare employed, 1.5 million people are unemployed. Calculate approximate unemployment rate.

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Answer:

Answer:

So how do economists arrive at the percentages in and out of the labor force and the unemployment rate? We will use the values in Table 1 to illustrate the steps.

To determine the percentage in the labor force:

Step 1. Divide the number of people in the labor force (159.1 million) by the total adult (working-age) population (253.5 million).

Step 2. Multiply by 100 to obtain the percentage.

Percentage in the labor force

=

159.1

253.5

Percentage in the labor force

=

0.628

Percentage in the labor force

=

62.8

percent

To determine the percentage out of the labor force:

Step 1. Divide the number of people out the labor force (94.4 million) by the total adult (working-age) population (253.5 million).

Step 2. Multiply by 100 to obtain the percentage.

Percentage out of the labor force

=

94.4

253.5

Percentage out of the labor force

=

0.372

Percentage out of the labor force

=

37.2

percent

To determine the unemployment rate:

Step 1. Divide the number of unemployed people (7.7 million) by the total labor force (159.2 million).

Step 2. Multiply by 100 to obtain the rate.

Unemployment rate

=

7.7

159.2

Unemployment rate

=

0.0487

Unemployment rate

=

4.8

percent

TRY IT

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