Calculate the unemployment rate of country X if there are 15M individuals in the non-institutional population 15 years and over; 2M people are classified as unemployed and 10M people have jobs. Select one: A.13.3% B.80% C.16.7% D.66.7%

Principles of Economics 2e
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Publisher:Steven A. Greenlaw; David Shapiro
Chapter21: Unemployment
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Problem 2SCQ: Using the above data, what is the unemployment rate? These data are U.S. statistics from 2010. How...
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Calculate the unemployment rate of country X if there are 15M individuals in the non-institutional population 15 years and over; 2M people are classified as unemployed and 10M people have jobs.

Select one:

A.13.3%

B.80%

C.16.7%

D.66.7%

Expert Solution
Step 1

The unemployment rate is the rate that shows the proportion of unemployed people in the total labor force of a country.

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