Question

Given a total population of 5,000 residents and a labor force of 4,000 residents, 3,500 of which are
employed, what is the unemployment rate? (1 point)
O 87.5%
O 70%
O 10%
O 12.5%
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Answer 1

The unemployment rate of the population given the size of the labor force and the number of employed residents is 12.5%

• Unemployment rate is calculated by dividing the number of unemployed persons by the number of persons in the labor force (employed or unemployed) and multiplying that by 100

Total population = 5,000

Total labor force = 4,000

Number of employed person = 3,500

Number of unemployed person = Total labor force - Number of employed person

= 4,000 - 3,500

= 500

Unemployment rate = Number of unemployed person ÷ Total labor force × 100

= 500 / 4,000 × 100

= 0.125 × 100

= 12.5%

Therefore, the unemployment rate of the given population is 12.5%

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