An economy has 100,000 residents.There are 46,000 people with full time jobs,14,000 with part-time jobs,and 4,000 unemployed people who are actively looking for work.The unemployment rate for this economy is 6.25%.

Question

Quizplus · Accepted Answer

To calculate the unemployment rate, we divide the number of unemployed individuals actively looking for work by the total labor force (the sum of employed and unemployed individuals actively looking for work). 
Labor force = 46,000 + 14,000 + 4,000 = 64,000 
Unemployment rate = (4,000/64,000) x 100% = 6.25% 
Therefore, the statement is true.

An Economy Has 100,000 Residents