Selected Answer:
Incorrect
dividing the number of unemployed by the number of people who are working.
Answers:
dividing the number of unemployed by the population.
dividing the number of unemployed by the working-age population.
dividing the number of unemployed by the number of people who are working.
Correct
dividing the number of unemployed by the number of people who are able and willing to work.
dividing the number of unemployed by the number of people who are able to work.
1 answer
The correct way to calculate the unemployment rate is:
Dividing the number of unemployed by the number of people who are able and willing to work.
This typically refers to the labor force, which includes both the employed and the unemployed individuals. The formula is:
\[ \text{Unemployment Rate} = \left( \frac{\text{Number of Unemployed}}{\text{Labor Force}} \right) \times 100 \]
Where the labor force is the sum of employed and unemployed individuals who are of working age.
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