Question

A.How many people are unemployed in each year?

B. How many people are employed in each year?

5, Suppose the following data describe a nation's population: Year 1 310 million 150 million 8 percent Year 2 315 million Population Labor Force 160 million 7 percent Unemployment rate . How many people are unemployed in cach year? (5 pts) How many people are employed in ecach year? (5 pts)

Answer 1

Ans. A) YEAR 1 :

No. Of Unemployed People = Labor Force × Unemployment Rate

= 150 million × 8 / 100

= 12 million people are unemployed.

YEAR 2 :

= 160 million × 7 /100

= 11.2 million

B) YEAR 1 :

Employed People = Labor Force - Unemployed People

= 150 million - 12 million

= 138 million people

YEAR 2 :

Employed People = 160 million - 11.2 million

= 148.8 million

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