Suppose that the adult population is 6 million, the number of employed is 3.8 million, and...
Homework Answers
The population is 6 million.
The number of employed is 3.8 million.
Labor force participation = .70
Labor force participation = .70 * 6000000
Labor force participation = 4200000
Number of unemployed in the labor force = 4200000 - 3800000
Number of unemployed in the labor force = 400000
Unemployment rate = number of unemployed in labor force / total labor force
Unemployment rate = 9.52%
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