Question

32
multiple choice 0.1 points
the total labor force is 100,000 out of a possible working age population of 160,000. the total number of unemployed is 8,000. what is the unemployment rate?
7 percent
5 percent
6 percent
8 percent
clear my selection

Explanation:

Step1: Recall the formula for unemployment rate

The formula for unemployment rate is \( \text{Unemployment Rate}=\frac{\text{Number of Unemployed}}{\text{Labor Force}}\times100\)

Step2: Substitute the given values

Given that the number of unemployed is \(8000\) and the labor force is \(100000\).

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Answer:

8 percent