Suppose there are 70 million people in the labor force, of whom 60 million are employed. The unemployment rate is:
A)7%.
B)10%.
C)14.28%.
D)4.2%.

Question

Quizplus · Accepted Answer

The unemployment rate is calculated by dividing the number of unemployed people by the total labor force and multiplying by 100. In this case, the unemployment rate is (70 million - 60 million) / 70 million * 100 = 14.28%.

Suppose There Are 70 Million People in the Labor Force