Learning Path
Question & Answer1
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Explore TopicChoose the Best Answer
A
5%
B
10%
C
2%
D
7%
Understanding the Answer
Let's break down why this is correct
Answer
To find the unemployment rate, you need to compare the number of unemployed people to the total number of people in the labor force. In this case, you have 50,000 unemployed people out of a total labor force of 1,000,000. To calculate the unemployment rate, you divide the number of unemployed people by the total labor force and then multiply by 100 to get a percentage. So, you would calculate (50,000 ÷ 1,000,000) × 100, which equals 5%. This means the unemployment rate in this country is 5%, indicating that 5 out of every 100 people in the labor force are not currently working.
Detailed Explanation
To find the unemployment rate, divide the number of unemployed people by the total labor force. Other options are incorrect because This answer might come from thinking that 50,000 is half of 1,000,000; This answer could come from dividing incorrectly.
Key Concepts
labor market fluctuations.
Topic
Calculating Unemployment Rate
Difficulty
easy level question
Cognitive Level
understand
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