Use the table to answer the question.

Question

Total Population 2,200,000
Total Population Over 16 Years of Age 1,760,000
Total Labor Force 1,500,000
Total Employed 1,000,000
Total Unemployed 500,000
Calculate the unemployment rate for this fictional country. Round your answer to the nearest whole percent if necessary.

(1 point)

Answer 1

Unemployment Rate = (Total Unemployed / Total Labor Force) x 100
Unemployment Rate = (500,000 / 1,500,000) x 100
Unemployment Rate = 0.3333 x 100
Unemployment Rate = 33.33%

Therefore, the unemployment rate for this fictional country is 33%.