If the active population is 50 million and unemployed is 5 million what is the unemployment rate?
Answer Details
The unemployment rate can be calculated by dividing the number of unemployed individuals by the total labor force (active population). In this case, the active population is 50 million, and the number of unemployed individuals is 5 million.
So, to calculate the unemployment rate, we divide the number of unemployed individuals (5 million) by the total labor force (50 million), and then multiply by 100 to convert the result into a percentage:
Unemployment rate = (Number of unemployed / Total labor force) x 100
Plugging in the values, we get:
Unemployment rate = (5 million / 50 million) x 100
Unemployment rate = 0.1 x 100
Unemployment rate = 10%
Therefore, the unemployment rate is 10%, which means that out of the total labor force of 50 million, 5 million individuals are unemployed.