Use the following to answer questions:
-(Table: Labor Force Data) Use Table: Labor Force Data. If the labor force participation rate is 70%, the unemployment rate is _____%.
A) 7.6
B) 5
C) 4
D) 3

Question

Use the following to answer questions: 
-(Table: Labor Force Data) Use Table: Labor Force Data. If the labor force participation rate is 70%, the unemployment rate is _____%.
A) 7.6 
B) 5 
C) 4 
D) 3

Quizplus · Accepted Answer

The unemployment rate is calculated as the number of unemployed individuals divided by the labor force, then multiplied by 100. If the labor force participation rate is 70%, this means 70% of the eligible population is either working or actively looking for work. Without specific numbers from the "Labor Force Data" table, we can't calculate exact figures. However, given the options provided and assuming a standard calculation method, the correct answer would be chosen based on the information typically associated with these rates in economic studies. Since we don't have the table or further data, we can't directly calculate the unemployment rate, but if option A is marked as correct, it suggests that based on the given or assumed data, 7.6% of the labor force is not currently employed but is actively seeking employment.

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