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QUESTION:

Use the following table to answer the question. Numbers are in the millions.

  Total population342.6  
  Adult population222.7  
  Number of unemployed9.4  
  Number of employed135.3  

The unemployment rate is _______.

ANSWER:

We previously calculated the labor force as 144.7 million. Now, plug in the values:

Unemployment Rate=(9.4 million144.7 million)×100\text{Unemployment Rate} = \left( \frac{9.4 \text{ million}}{144.7 \text{ million}} \right) \times 100

Unemployment Rate=(9.4144.7)×100≈6.5%\text{Unemployment Rate} = \left( \frac{9.4}{144.7} \right) \times 100 \approx 6.5\%

So, the unemployment rate is:

c. 6.5 percent


Posted by Cleveland on September 9, 2024
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