Of the 500,000 people (age 16+) in a particular country, 300,000 people are in the labor force. Of these, 240,000 are employed and 60,000 are unemployed. What is the unemployment rate?

Question

Quizplus · Accepted Answer

The unemployment rate is calculated as the number of unemployed people divided by the labor force, multiplied by 100. Here, it is (60,000 / 300,000) * 100 = 20%.

Of the 500,000 People (Age 16+) in a Particular Country