Unemployment Rate in Wally Land
What is the unemployment rate in Wally Land?
In Wally Land, there is an adult population of 320 million. Among them, 250 million are employed, 20 million are unemployed, and the rest are out of the labor force. What is the unemployment rate?
Unemployment Rate Calculation
To calculate the unemployment rate in Wally Land, we need to determine the percentage of the total labor force that is unemployed. Let's break it down:
Understanding Unemployment Rate
The unemployment rate is a crucial economic indicator that measures the percentage of the labor force that is actively seeking employment but cannot find a job. It provides insights into the overall health of the economy and the availability of job opportunities for the workforce.
In Wally Land, the adult population consists of 320 million individuals. Of these, 250 million are currently employed, 20 million are unemployed, and the rest are out of the labor force, which means they are neither employed nor actively seeking employment.
Calculating Unemployment Rate in Wally Land
1. Number of unemployed individuals = 20 million
2. Total labor force = Number of employed individuals + Number of unemployed individuals
3. Total labor force = 250 million + 20 million = 270 million
4. Unemployment rate = (Number of unemployed individuals / Total labor force) x 100
5. Unemployment rate = (20 million / 270 million) x 100
6. Unemployment rate ≈ 7.41%
Therefore, the unemployment rate in Wally Land is approximately 7.41%. This figure indicates that out of the total labor force of 270 million, around 7.41% are actively seeking employment but are currently without a job.