-Using the data in the above table, the unemployment rate is
A) 4.0 percent.
B) 4.16 percent.
C) 5.55 percent.
D) 28.0 percent.

Question

-Using the data in the above table, the unemployment rate is
A) 4.0 percent. 
B) 4.16 percent. 
C) 5.55 percent. 
D) 28.0 percent.

Quizplus · Accepted Answer

The unemployment rate is calculated by dividing the number of unemployed people by the total labor force. In this case, the number of unemployed people is 1.6 million and the total labor force is 38.4 million. Therefore, the unemployment rate is 1.6 million / 38.4 million = 0.0416, or 4.16%.

-Using the Data in the Above Table, the Unemployment Rate