Question

Ringo has an adult population of 80 million, 46 million of whom are employed, 4 million of whom are unemployed, and 8 million of whom are discouraged workers. What is the unemployment rate in Ringo?

(A) 1%
(B) 4%
(C) 5%
(D) 8%
(E) 10%

Answer 1

The unemployment rate in Ringo is calculated by dividing the number of unemployed persons (4 million) by the total labor force (50 million), then multiplying by 100 to find the percentage, resulting in an unemployment rate of 8%.

Step-by-step explanation:

The unemployment rate in Ringo can be calculated by dividing the number of unemployed persons by the total labor force and then multiplying the result by 100 to get a percentage. In Ringo, there are 46 million employed and 4 million unemployed persons. The labor force is the sum of the employed and unemployed, which is 46 million + 4 million = 50 million. To find the unemployment rate, divide the unemployed (4 million) by the total labor force (50 million) and multiply by 100:

Unemployment rate = (unemployed persons / labor force) × 100

Unemployment rate = (4 million / 50 million) × 100

Unemployment rate = 0.08 × 100

Unemployment rate = 8%

Therefore, the correct answer is (D) 8%.