Which of the following definitions is correct?
A)Labor force = number of employed.
B)Labor force = population - number of unemployed.
C)Unemployment Rate = (number of unemployed ÷ [number of employed + number of unemployed]) × 100.
D)Unemployment Rate = (number of unemployed ÷ adult population) × 100.

Question

Quizplus · Accepted Answer

The unemployment rate is calculated by dividing the number of unemployed by the labor force (which is the sum of employed and unemployed) and then multiplying by 100.

Which of the Following Definitions Is Correct