If the population of a country is 1,000,000 people,its labor force consists of 500,000,and 40,000 people are unemployed,the unemployment rate is:

Question

Quizplus · Accepted Answer

The unemployment rate is calculated as the number of unemployed individuals divided by the labor force, then multiplied by 100. Therefore, with 40,000 unemployed out of a labor force of 500,000, the unemployment rate is (40,000 / 500,000) * 100 = 8.0 percent.

If the Population of a Country Is 1,000,000 People,its Labor