If the population aged 16 years and older equals 150 million, the labor force equals 110 million, and the total number of persons employed equals 98 million, then the unemployment rate is:

Question

Quizplus · Accepted Answer

The labor force includes both the employed and the unemployed. Therefore, the number of unemployed people can be found by subtracting the number of employed people from the labor force: 
Unemployed = Labor force - Employed = 110 million - 98 million = 12 million
The unemployment rate is the percentage of the labor force that is unemployed: 
Unemployment rate = (Unemployed / Labor force) x 100% = (12 million / 110 million) x 100% = 10.9%

If the Population Aged 16 Years and Older Equals 150