The table below provides hypothetical unemployment,employment,and labour force data for a small economy over a 3-month period.The unemployment rate on January 1 is 6%. TABLE 30-1 Refer to Table 30-1.What is the unemployment rate on February 1?

Question

The table below provides hypothetical unemployment,employment,and labour force data for a small economy over a 3-month period.The unemployment rate on January 1 is 6%.  TABLE 30-1 Refer to Table 30-1.What is the unemployment rate on February 1?

Quizplus · Accepted Answer

To calculate the unemployment rate, we need to use the formula:
Unemployment Rate = (Number of Unemployed / Labour Force) x 100
On February 1, the number of unemployed persons is 650 and the labour force is 8,620 (7,970 employed + 650 unemployed). 
Plugging in the values:
Unemployment Rate = (650 / 8,620) x 100 = 7.54%
Therefore, the answer is C) 7.54%.

The Table Below Provides Hypothetical Unemployment,employment,and Labour Force Data for a Small