Assume that the U.S. labor force consists of 185 million workers and that 17.5 million are officially unemployed. Calculate the unemployment rate.
A) 11.4 percent
B) 10.0 percent
C) 9.5 percent
D) 7.5 percent
E) 10.8 percent

Question

Quizplus · Accepted Answer

The formula to calculate the unemployment rate is:

Unemployment Rate = (number of unemployed workers / labor force) x 100

Substituting the given values, we get:

Unemployment Rate = (17.5 million / 185 million) x 100
Unemployment Rate = 9.46%

Rounding this to the nearest tenth, we get the answer as 9.5%, which is option C.

Assume That the U