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QUESTION 42 Look at the table Unemployment and Employment Data. Find the unemployment rate for this economy. (Show Your Work)
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Answer. Labor force consists of people who are either employed or unemployed but looking for work. So in this question, labor force is equal to 95 + 5 = 100 million. Now, unemployment rate is equal to number of people unemployed divided by number of people in labor force, then multiplying the ratio by 100. So here unemployment rate is equal to 5/100 = 0.05 multiplied by 100 = 5%. So the unemployment rate is 5 percent.

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