Suppose the total population is 1,500 million of whom 1,250 million are in the labor force.

Suppose the total population is 1,500 million of whom 1,250 million are in the labor force. Of this labor force, 1,000 million people are employed full time and another 100 million are employed part time. There are 50 million people in the population who are classified “discouraged workers.” The unemployment rate is:

6%

12%

16%

22%

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