The table above gives the population and employment numbers for a hypothetical country. What is the unemployment rate in this country? Round your answer to the nearest whole percent if necessary.
(1 point)
Responses
17%
17%
33%
33%
67%
67%
83%
To calculate the unemployment rate, we need to first find the number of unemployed people in the country.
Total population = 500
Employed = 100
Unemployed = Total population - Employed = 500 - 100 = 400
Now, we use the formula for unemployment rate:
Unemployment Rate = (Unemployed / Total Labor Force) x 100
Total Labor Force = Employed + Unemployed = 100 + 400 = 500
Unemployment Rate = (400 / 500) x 100 = 0.80 x 100 = 80%
Therefore, the unemployment rate in this country is 80%.
Rounded to the nearest whole percent, the answer is 80%.