Suppose that there are 70 million people in the labor force, of whom 60 million are employed. The unemployment rate is:
A) 7%.
B) 10%.
C) 14.29%.
D) 4.2%.

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. In this case, there are 70 million people in the labor force and 60 million are employed, so 10 million are unemployed. The unemployment rate is (10 million / 70 million) * 100 = 14.29%.

Suppose That There Are 70 Million People in the Labor