Suppose there are currently 100 people unemployed, 1500 people employed, 1600 people in the labor force, and 2000 people in the working age population. The unemployment rate equals 100 times
A) 100/2000.
B) 1500/2000.
C) 100/1600.
D) 100/1500.

Question

Quizplus · Accepted Answer

The unemployment rate is calculated by dividing the number of unemployed individuals by the total labor force and multiplying by 100.

Unemployment rate = (100 / 1600) x 100 = 6.25%

Suppose There Are Currently 100 People Unemployed, 1500 People Employed