Chapter 3R, Problem 12MCQ

To determine

The question requires us to determine the formula of the unemployment rate.

Explanation of Solution

People are considered unemployed if they are not working currently but actively looking for a job.

The unemployment rate is the ratio of the number of unemployed people to the labor force in an economy.

  $Unemploymentrate=\frac{numberofunemployedpeople}{laborforce}\times 100$

Where the labor force is the sum of employed and unemployed people in an economy.

So, the unemployment rate is the number of unemployed people divided by the number of people in the labor force.

Thus, option “c” is correct.