Question

The unemployment rate equals

A) (number of people employed/working age population) × 100.
B) (labor force/working age population) × 100.
C) (number of people unemployed/labor force) × 100.
D) (number of people employed/number of people age 16 and over) × 100.

Answer 1

The correct formula for calculating the unemployment rate is (number of people unemployed/labor force) × 100.

Step-by-step explanation:

The correct formula for calculating the unemployment rate is option C): (number of people unemployed/labor force) × 100.

To determine the unemployment rate, you need to divide the number of unemployed people by the total labor force and then multiply the result by 100.

For example, if there are 7.635 million unemployed people and a total labor force of 157 million, the unemployment rate would be 4.8%.