If the population of a country is 250,000 people,its labor force consists of 145,000 people,35,000 people are unemployed,10,000 are unable to work,and 5,000 are unwilling to work,the unemployment rate is

Question

Quizplus · Accepted Answer

Total population = 250,000
Labor force = 145,000
Unemployed = 35,000
Unable to work = 10,000
Unwilling to work = 5,000

To calculate unemployment rate, we use the formula:

Unemployment rate = (Number of unemployed / Labor force) x 100

Number of unemployed = 35,000
Labor force = 145,000

Unemployment rate = (35,000 / 145,000) x 100
Unemployment rate = 24.1%

Therefore, the correct answer is C.

If the Population of a Country Is 250,000 People,its Labor