If the number of people classified as unemployed is 10,000 and the number of people classified as employed is 300,000, what is the unemployment rate?
A) 3.2%
B) 3.0%
C) 2.4%
D) 1.5%

Question

Quizplus · Accepted Answer

To calculate the unemployment rate, we divide the number of unemployed by the total labor force (which is the sum of employed and unemployed). So, the unemployment rate would be:

10,000 / (10,000 + 300,000) = 0.032 or 3.2%

Therefore, the best choice is A.

If the Number of People Classified as Unemployed Is 10,000