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Sagot :
The unemployment rate in this hypothetical country is equal to 17%.
How to calculate unmployment rate.
First of all, we would determine the percentage of people that are employed and then subtract this percentage from the total percentage of 100%.
The table below gives the complete information about the population and employment numbers for a hypothetical country:
- Total population = 1,000
- Total population over 16 years of age = 800
- Total labor force = 600
- Total employment = 500
Mathematically, employment rate can be calculated by using this formula:
[tex]Employment\;rate = \frac{Employed}{Labor\;force} \times 100\\\\Employment\;rate =\frac{500}{600} \times 100\\\\[/tex]
Employment rate = 83.3 ≈ 83%.
For the unemployment rate, we have:
Unemployment rate = 100 - 83
Unemployment rate = 17%.
Read more on unemployment here: https://brainly.com/question/734393
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