Answer:
8.33%
Explanation:
The computation of the unemployment rate is shown below;
Before computing it, first we have to determine the labor force which is
As we know that
Labor force participation rate = Labor force ÷ Total non-institutionalized adult population
75% = Labor force ÷ 4,000,000
So, the labor force is
= 4,0000,000 × 0.75
= 3,000,000
Now unemployment rate is
= Unemployed people ÷ Labor force
= 250,000 ÷ 3,000,000
= 8.33%
