Question

The unemployment rate A. shows the percentage of the labor force that is considered unemployed. B. shows the percentage of the population that is considered unemployed. C. is the amount of the labor force that is not working. D. is the amount of people in the population that are not working. Suppose an economy is given by the following: Population=293 milion Labor force=116millionThe number of people employed = 106.7 millionThe number of people unemployed = 9.3 millionGiven the information above, the unemployment rate is _____&.(Enter yout response rounded to one decimal place)

Answer 1

The unemployment rate is 8.0%. Explanation: The unemployment rate is calculated as the percentage of the labor force that is unemployed. In this case, the labor force is 116 million (the sum of employed and unemployed individuals), and the number of unemployed individuals is 9.3 million. Unemployment rate = (number of unemployed / labor force) x 100% Unemployment rate = (9.3 million / 116 million) x 100% Unemployment rate = 0.08 x 100% Unemployment rate = 8.0%