Suppose the population is 220 million people, the labor force is 150 million people, the number of people employed is 130 million and the working-age population is 175 million people. What is the unemployment rate?
A) 9.0 percent
B) 13.3 percent
C) 11.4 percent
D) 15.4 percent

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 convert it to a percentage. The number of unemployed people is the labor force minus the number of people employed, which is 150 million - 130 million = 20 million. Therefore, the unemployment rate is (20 million / 150 million) * 100 = 13.3 percent.

Suppose the Population Is 220 Million People, the Labor Force