Question

Given a total population of 7,000 residents and a labor force of 6,000 residents, 5,500 of which are employed, what is the unemployment rate?(2 points)

8.33%

9.12%

10.5%

7.55%

Answer 1

Unemployed = 6,000 − 5,500 = 500.
Unemployment rate = 500 / 6,000 = 0.08333 = 8.33%.

Answer: 8.33%