Answer to Question #136966 in Macroeconomics for Joshua

Question

Out of 20 million people in the population, 9 million people are in the labour force and 3 million are unemployed, therefore the unemployment rate is?

Answer 1

Unemployment rate = $\frac{number of unemployed people}{total labour force} \times 100$

=$\frac{3}{9}\times100$

Unemployment rate= $33\frac{1}{3}$ %