Suppose that some country had an adult population of about 46 million, a labor-force participation rate...
Suppose that some country had an adult population of about 46 million, a labor-force participation rate of 75% and unemployment rate of 8% How many people were employed?
A. 2.76 Million
B. 31.74 Million
C.34.5 Million
D.42.32 Million
Homework Answers
Ans: B ) 31. 74 Million
Explanation:
Labor force is that part of the adult population who are able and willing to work.
Total labor force = 46 million * 0.75
= 34.5 million
If unemployment rate is 8% then total number of people unemployed = 34.5 million * .08 = 2.76 million
Labor force = Total number of people employed + Total number of people unemployed.
Total number of people employed = Labor force - Total number of people unemployed.
= 34.5 - 2.76
= 31.74 million
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