Question

Craigburg has a working age population of 20 million. Of those, 11 million are employed and 1 million are unemployed. The unemployment rate is ________ and the participation rate is __________. Question 15 options:

a) 5%; 55%.
b) 5%; 60%.
c) 8.3%; 55%.
d) 8.3%; 60%.

Answer 1

a) 5%; 55%

Step-by-step explanation:

The unemployment rate is calculated by dividing the number of people unemployed by the number of people in the workforce:

1/20= 0,05*100= 5%

The participation rate is calculated by dividing the number of people employed by the number of people in the workforce:

11/20= 0,55*100= 55%