A country has 24 million people in the labor force, and 21.5 million of them are employed. What is the unemployment rate in this country?

Question

Quizplus · Accepted Answer

The formula for unemployment rate is:
Unemployment Rate = (Number of Unemployed / Labor Force) x 100%
Number of Unemployed = Labor Force - Number of Employed
Number of Unemployed = 24 million - 21.5 million
Number of Unemployed = 2.5 million
Unemployment Rate = (2.5 million / 24 million) x 100%
Unemployment Rate = 0.10416666 x 100%
Unemployment Rate = 10.4% (rounded to one decimal place)

A Country Has 24 Million People in the Labor Force