00:01
So here we are talking about labor force stats.
00:03
And in part a, we are given the number of people who are employed, which is 50 million.
00:09
And we are given the number of people who are unemployed, which is 4 million.
00:14
And we are asked to compute the unemployment rate.
00:18
So the unemployment rate is equal to the number of people who are unemployed over the number of people who are employed.
00:26
That's just the definition that you should know.
00:32
It's the unemployed versus what we would call the labor force.
00:36
This is sometimes called the labor force, the people who are working plus the people who want to work.
00:42
So we have 4 million over 4 million plus 50 million.
00:48
And that requires a calculator, at least for my weak brain.
00:53
But this gives me an unemployment rate of 7 .4%, which as you point out, is indeed not...
00:59
I suspect that they're looking for a...
01:02
Maybe one more decimal here...