Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
Divide the number of unemployed individuals by the total labor force and multiply by 100.
B
Count only those who have recently been laid off, ignoring those who have been unemployed for a longer period.
C
Include individuals who are not actively seeking work in the calculation.
D
Use the formula: (Number of unemployed / Labor Force) x 100.
E
Assume that all individuals who are underemployed are also considered unemployed.
Understanding the Answer
Let's break down why this is correct
Answer
To accurately calculate the unemployment rate, we typically use surveys and data collection methods that track how many people are looking for work and how many are actually employed. One common method is the labor force survey, which asks a representative sample of people about their employment status. Another method is using administrative data from government agencies that record jobless claims and employment statistics. For example, if a survey shows that out of 100 people, 10 are unemployed and actively seeking work, the unemployment rate would be 10 percent. By combining these methods, we can get a clearer picture of the job market and understand how many people are struggling to find work.
Detailed Explanation
To find the unemployment rate, you need to include all unemployed people who are actively looking for work. Other options are incorrect because This option suggests a calculation, but it doesn't specify the right group of unemployed people; This option is misleading.
Key Concepts
Unemployment Rate Calculation
Labor Force Participation
Economic Indicators
Topic
Calculating Unemployment Rate
Difficulty
easy level question
Cognitive Level
understand
Ready to Master More Topics?
Join thousands of students using Seekh's interactive learning platform to excel in their studies with personalized practice and detailed explanations.