In the nation of Gonzo, the number of employed is 95 million, the adult population is 125 million, and the number of unemployed is 5 million. Calculate the unemployment rate, the employment rate, and the labor force participation rate in Gonzo
What will be an ideal response?
Unemployment rate: [(5 million) ÷ (95 million + 5 million)] × 100 = 5%.
Employment rate: [(95 million) ÷ (95 million + 5 million)] × 100 = 95%.
Labor force participation rate: [(95 million + 5 million ) ÷ (125 million)] × 100 = 80%.
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