If the number employed is 12 million, the working-age population is 16 million, and the number unemployed is 0.7 million, then the unemployment rate is:
A)5.51%.
B)5.17%.
C)3.75%.
D)12%.

Question

Quizplus · Accepted Answer

The unemployment rate is calculated as (Number of Unemployed / Labor Force) * 100. The labor force is the sum of employed and unemployed, which is 12.7 million. Thus, the unemployment rate is (0.7 / 12.7) * 100 = 5.51%.

If the Number Employed Is 12 Million, the Working-Age Population