Question

if there are 146.8 million people in the labor force in a particular town, and the number of people who are unemployed is 8.2 million, what is the unemployment rate?

a. 5.5%

b. 6%

c. 10%

d. 4.5%

Explanation:

Step1: Recall the unemployment - rate formula

The formula for the unemployment rate is $\text{Unemployment Rate}=\frac{\text{Number of Unemployed}}{\text{Labor Force}}\times100\%$.

Step2: Substitute the given values

We are given that the number of unemployed is $8.2$ million and the labor - force is $146.8$ million. So, $\text{Unemployment Rate}=\frac{8.2}{146.8}\times100\%$.

Step3: Calculate the value

$\frac{8.2}{146.8}\times100\%=\frac{820}{146.8}\% \approx 5.59\% \approx 5.5\%$.

Answer:

A. 5.5%