In June there are 30,000 people classified as unemployed and the size of the labor force is 600,000. The only change between June and July is that 10,000 of the unemployed give up looking for work. Which of the following is true?
A. In June the unemployment rate was 6% and in July the unemployment rate was 3.8%.
B. In June the unemployment rate was 3.8% and in July the unemployment rate was 6%.
C. The unemployment rate in both June and July was 5%.
D. In June the unemployment rate was 5% and in July the unemployment rate was 3.39%.
Answer: D
Economics
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