Consider an economy made up of 100 people,60 of whom hold jobs,10 of whom are looking for work,and 15 of whom are retired.The unemployment rate is

Question

Quizplus · Accepted Answer

The unemployment rate is the percentage of the labor force that is unemployed. The labor force is made up of those who are employed and those who are unemployed and actively seeking work. 
Therefore, the labor force is 60 (employed) + 10 (looking for work) = 70. 
The unemployment rate is then (10/70)*100 = 14.29%, which rounds up to 14%. 
Therefore, the best choice is B.

Consider an Economy Made Up of 100 People,60 of Whom