Suppose the population 16 of years of age or older is 4,000,000, the number of employed is 2,700,000, and the number of unemployed is 200,000. The unemployment rate is:

Question

Quizplus · Accepted Answer

To calculate the unemployment rate, we need to divide the number of unemployed people by the total number of people in the labor force (employed + unemployed). 
So, the labor force is 2,700,000 (employed) + 200,000 (unemployed) = 2,900,000. 
The unemployment rate is 200,000/2,900,000 = 0.069 or 6.9%. 
Therefore, the best choice is B.

Suppose the Population 16 of Years of Age or Older