After a financial crisis hits the country of Barbaria, 1 million people become unemployed. If 25 million individuals are lucky enough to keep their jobs, what is the unemployment rate

Question

Jayden Ramsey

Business

12 March, 06:45

After a financial crisis hits the country of Barbaria, 1 million people become unemployed. If 25 million individuals are lucky enough to keep their jobs, what is the unemployment rate

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Answers (1)

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Eleanor Griffin · Answer 1

The correct answer is: 4%.

Explanation:

The unemployment rate is the percentage that represents the relationship between a country's labor force with the number of unemployed individuals who could be joining the labor force. In the U. S., the agency in charge of releasing the unemployment rate is the Bureau of Labor Statistics (BLS). The unemployment rate can be calculated as follows:

Unemployment rate = (Unemployed / Labor force) x 100

Thus, in the example:

Unemployment rate = (1,000,000 / 25,000,000) x 100 Unemployment rate = 4%