Which of the following is true of the unemployment rate?
A) It fluctuates with the economic cycle and other broader economic trends
B) It does not vary across regions
C) It is a ratio of people 15 years and older who are working to the overall population in the same age group
D) The pandemic did not affect the employment rate, but it did affect the unemployment rate
E) It is the number of people not working who are looking for work as a percentage of the total labour force

Question

Quizplus · Accepted Answer

The unemployment rate is defined as the number of people who are not working and who are looking for work as a percentage of the total labour force. It fluctuates with the economic cycle and other broader economic trends, and varies across different regions. The pandemic has had a significant impact on the employment rate, as many people have lost their jobs or have had their hours reduced due to lockdowns and other measures taken to contain the spread of the virus.

Which of the Following Is True of the Unemployment Rate