Question

suppose the labor force is 156 million of the possible 242 million working age adults. the total number of unemployment is 15 million. what is the standard unecmployment rate?

Answer 1

Answer:

6.19%

Explanation:

The formula to compute the standard unemployment rate is presented below:

Standard unemployment rate = (total number of unemployment ÷ labor force) × 100

= (15 million ÷ 242 million) × 100

= 6.19%

We multiplied the total number of unemployment by the labor force so that the approximate standard unemployment rate can come.