After a financial crisis hits the country of Cinfuria, 2 million people become unemployed. If 75...

After a financial crisis hits the country of Cinfuria, 2 million people become unemployed. If 75 million indviduals are lucky enough to keep their jobs, what is the unemployment rate? Please specify your answer to two decimal places.

Solutions

Expert Solution

Labor Force = Unemployed + Employed

Labor Force = 2 + 75 = 77

Unemployment rate =( Unemployed / Labor Force ) * 100

Unemployment rate = (2/77) * 100

Unemployment rate = 2.59 %

Rahul Sunny answered 1 year ago

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