MCQ for Economics Nov 2008 Paper 1 Question 23

[arvind0708]

23 The table shows a country’s employment statistics.
million
population of working age 100
number in employment 60
number unemployed 4
What are the participation rate and the unemployment rate?
participation rate (%) unemployment rate (%)
A 60 4.0
B 64 6.25
C 60 6.25
D 64 4.0

How to get the answer.

 

[Xenon]

The participation rate(pr) is calculated by the number employed plus the number unemployed to the potential workforce.
The unemployment rate(ur) refers the number unemployed to the workforce (employed plus unemployed)
This gives: pr= ((60+4)/100)%=64%
and ur = (4/64)%=6.25%