Question
Download Solution PDFFormula to find unemployment rate is ________.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is (Unemployed workers/Total labor force) × 100.
Key Points
Unemployment refers to a situation where a person actively searches for a job and is unable to find work.
Unemployment rate = (Unemployed Workers/ Total Workforce) x 100.
Important Points Methods/ measures for estimating unemployment:
Usual status unemployment:
- This measure estimates the number of persons who remained unemployed for a major part of the year.
- This measure gives the lowest estimates of unemployment.
Current weekly status:
- The estimate measures unemployment with respect to one week.
- A person is said to be unemployed if he is not able to work even for an hour during the survey period.
Current daily status:
- If a person does not find work on a day or some days during the survey week, he is regarded as unemployed.
- The daily status is considered to be a comprehensive measure of unemployment.
Last updated on Jul 10, 2025
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