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)

Question

Responses

8.33%
8.33%

9.12%
9.12%

10.5%
10.5%

7.55%

Answer 1

To calculate the unemployment rate, you can use the following formula:

\[ \text{Unemployment Rate} = \frac{\text{Number of Unemployed}}{\text{Labor Force}} \times 100 \]

First, we need to determine the number of unemployed residents:

\[ \text{Number of Unemployed} = \text{Labor Force} - \text{Employed} \] \[ \text{Number of Unemployed} = 6000 - 5500 = 500 \]

Now, we can substitute this into the unemployment rate formula:

\[ \text{Unemployment Rate} = \frac{500}{6000} \times 100 \approx 8.33% \]

Thus, the unemployment rate is 8.33%.