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Calculating Unemployment Rate
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If a country has 1,000,000 individuals in the labor force and 50,000 of them are unemployed, what is the unemployment rate?

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Choose the Best Answer

A

4%

B

5%

C

6%

D

7%

Understanding the Answer

Let's break down why this is correct

Answer

To find the unemployment rate, you divide the number of unemployed individuals by the total labor force and then multiply by 100 to get a percentage. In this case, there are 50,000 unemployed people out of a total labor force of 1,000,000. So, you would calculate it as 50,000 divided by 1,000,000, which equals 0. 05. When you multiply 0.

Detailed Explanation

To find the unemployment rate, divide the number of unemployed by the total labor force. Other options are incorrect because Some might think 4% is correct by miscalculating; Choosing 6% may come from a misunderstanding of percentages.

Key Concepts

unemployed individuals
Topic

Calculating Unemployment Rate

Difficulty

easy level question

Cognitive Level

understand

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