The unemployment rate can be calculated by dividing the number of unemployed individuals by the total labor force, and then multiplying by 100 to express it as a percentage.
Number of employed individuals = 3500
Total labor force = 4000
Number of unemployed individuals = Total labor force - Number of employed individuals
Number of unemployed individuals = 4000 - 3500
Number of unemployed individuals = 500
Unemployment rate = (Number of unemployed individuals / Total labor force) * 100
Unemployment rate = (500 / 4000) * 100
Unemployment rate = (0.125) * 100
Unemployment rate = 12.5%
Therefore, the unemployment rate is 12.5%.
Given a total population of 5,000 residents and a labor force of 4,000 residents, 3500 of which are employed, what is the unemployment rate?
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