Total Population 3070 Under 16 or institutionalized Employed

Total Population 3070 Under 16 or institutionalized Employed Unemployed 69.3 139.1 14.6 What is the unemployment rate in this economy? (answers given to the nearest tenth) A 4.8% B.95% C 6.1% @ D. 10.5%

Solution

Ans is B

Unemployment is those labor who are looking and willing to work at a given wage rate but couldnot find the work.

Unemployment rate=Unemployed/Employed+Unemployed=14.6/14.6+139.1*100=9.49%