If the total labor force of an economy is 1,000 and 40 of these people are unemployed, then the unemployment rate of the economy is _____ percent.

Name: If the total labor force of an economy is 1,000 and 40 of these people are unemployed, then the unemployment rate of the economy is _____ percent.
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Question

Quizplus · Accepted Answer

The unemployment rate is calculated by dividing the number of unemployed people by the total labor force and multiplying the result by 100. In this case, the unemployment rate is 40/1,000 * 100 = 4%.

If the Total Labor Force of an Economy Is 1,000