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Assume that, in the population, 95 million people worked for pay last week, 5 million people...

Assume that, in the population, 95 million people worked for pay last week, 5 million people did not work for pay but had been seeking a job, 5 million people did not work for pay and had not been seeking a job for the past several months, and 45 million were under age 16. The unemployment rate, given these numbers, is:

Group of answer choices

5%

25%

50%

10%

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Answer #1

First calculate the labor force from the given data.

Labor force = Employed + Unemployed

Employed = 95 million

Unemployed = 5 million (actively seeking job)

Therefore, labor force = 95 million + 5 million = 100 million

Unemployment Rate = (PeoUnemployed / Labor Force) * 100

Unemployment Rate = (5 million / 100 million) * 100 = 5%

Answer - 5%

Note - People not actively seeking job and population under age 16 is not included in the labor force.

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