Using the data, the unemployment rate is calculated as (b) 11.4%
The percentage of the labor force without a job is known as the unemployment rate. It is a lagging indicator, which means that rather than foretelling changes in economic conditions, it often rises or decreases in response to them. The unemployment rate is predicted to increase when the economy is struggling and there are few jobs available, and vice versa.
88.7% of the population is in the labor force.
The population of working age: 20.8 million
Therefore, the labor force size = 20.8 * 0.887 million = 18.4496 million.
2.1 million people are jobless.
The current unemployment rate is calculated as follows:
Unemployment rate = Unemployed * 100 / Labor force
Unemployment Rate = (2.1 * 100) / 18.4496 =11.3823605932%
Therefore, Unemployment Rate = 11.4%
Therefore, Option B is the right choice.
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