Assume a country to have 1000 labour forcces, in which 100 people are unemployed and 900 people are employed. What is the unemployment rate of the country?
Question
Solution 1
Sure, let's break this down:
The unemployment rate is calculated as the number of unemployed people divided by the total labor force, then multiplied by 100 to get a percentage.
In this case, the number of unemployed people is 100 and the total labor force is 1000.
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