Assume that the U. S. population is 300 million. If 70 million individuals are legally classified as unable to work (or are less than 16 years of age), 80 million are classified as unwilling to work, and 14 million are unemployed, what is the unemployment rate?

unemployment rate = 9.33 %

Step-by-step explanation:

Given data

population p = 300 million

individuals i = 70 million

unwilling to work U = 80 million

unemployed UN = 14 million

to find out

what is the unemployment rate?

solution

we find first labor force that is

= p - I - U

put all value

labor force = 300 - 70 - 80

labor force = 150 million

so

unemployment rate = unemployed / labor force

put the value

unemployment rate = 14 / 150

unemployment rate = 0.0933

unemployment rate = 9.33 %