The unemployment rate: A. shows the percentage of the labor force that is consid
ID: 1148766 • Letter: T
Question
The unemployment rate:
A. shows the percentage of the labor force that is considered unemployed.
B. is the amount of people in the population that are not working.
C. shows the percentage of the population that is considered unemployed.
D. is the amount of the labor force that is not working.
Suppose an economy is given by the following: Population = 293 million Labor force = 123 million The number of people employed = 116.2 million The number of people unemployed = 6.8 million
Given the information above, the unemployment rate is ______%. (Enter your response rounded to one decimal place.)
Explanation / Answer
(1) Option (A)
Unemployment rate (%) = Number of unemployed workers / Labor force
(2)
Unemployment rate = Number of unemployed workers / Labor force
= 6.8 Million / 123 Million = 0.055
= 5.5%
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