In a small county, the total number of people in the labor force is 15,000. There are currently 12,850 people who are working in paid jobs in both private and public enterprises. What is the unemployment rate in this county?
Explanation
Answer: B - The unemployment rate for this county is 14.3%.
Key Takeaway: To calculate unemployment figures, the number of people in the labor force is taken into account according to the following equation: Unemployment rate = Number of unemployed/Labor X 100%. In this example, Unemployment rate = (15,000 - 12,850)/ 15,000 X 100% = 14.3%.
