Answer :
The unemployment rate is 11.11%, considering total working population, employed and unemployed population.
Given information,
Total working age adults = 5,500
Currently employed = 4000
Unemployed person = 500
Unemployment rate = No. of unemployed persons/ No. of unemployed
persons+ No. of unemployed persons
Unemployed rate = 500/ 4500*100 = 11.11%
The proportion of the working population without a job is referred as the unemployment rate. It is a poor indicator, which means that instead of foreshadowing shifts in economic conditions, it often increases or decreases in response to them. The unemployment rate is most likely to rise whenever the economy is struggling and there are relatively few positions available. It is reasonable to anticipate a decline in it when economy continues to grow effectively and there are plenty of jobs that are available.
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