A nation has a population of 260 million people. Of these, 60 million are retired, in the military, institutionalized, or under 16 years old. There are 188 million who are employed and 12 million who
Are unemployed. What is the unemployment rate?

Question

Quizplus · Accepted Answer

We can use the formula for unemployment rate:

unemployment rate = (number of unemployed / labor force) x 100%

The labor force is the sum of employed and unemployed individuals:

labor force = employed + unemployed

Thus, the labor force in this nation is:

labor force = 188 million + 12 million = 200 million

The number of unemployed individuals is 12 million, so we can plug these values into the formula:

unemployment rate = (12 million / 200 million) x 100% = 6%

Therefore, the unemployment rate in this nation is 6%, which corresponds to choice B.

A Nation Has a Population of 260 Million People