The total population of an economy is 175 million, the labor force is 125 million, and the number of employed workers is 117 million. The unemployment rate for this economy is

Question

Quizplus · Accepted Answer

The unemployment rate can be calculated by dividing the number of unemployed workers (which is the difference between the labor force and the number of employed workers) by the labor force and multiplying by 100. 
Unemployment rate = (Labor force - Employed workers) / Labor force x 100 
= (125 million - 117 million) / 125 million x 100 
= 6.4 percent

The Total Population of an Economy Is 175 Million, the Labor