Suppose a nation has a total population of 50,000,000. Out of that, 50% are in the labor force and 23,000,000 people are employed. What is the nation's unemployment rate?
A) 4.0%
B) 8.0%
C) 12%
D) 14%

Question

Quizplus · Accepted Answer

The unemployment rate is calculated as the number of unemployed people divided by the labor force, then multiplied by 100 to get a percentage. Here, the labor force is 50% of 50,000,000, which is 25,000,000. With 23,000,000 employed, there are 2,000,000 unemployed. Thus, the unemployment rate is (2,000,000 / 25,000,000) * 100 = 8.0%.

Suppose a Nation Has a Total Population of 50,000,000