6) Suppose the working-age population is 220 million, the labor force is 150 million, and the...
6) Suppose the working-age population is 220 million, the labor force is 150 million, and the unemployment rate is 10 percent. The number of unemployed people is
A) 7 million
B) 15 million.
C) 22 million
D) 37 million.
E) 70 million.
Homework Answers
Answer: B) 15 million.
Unemployment rate = (Total number of people unemployed / Total number of people in labor force) * 100
Total number of people unemployed =(Unemployment rate * Total
number of people in labor force)/100
Here, labor force = 150 million ; unemployment rate = 10%
Total number of people unemployed = (10 * 150) million /100 = 15
million.
So, the number of unemployed people is 15 million.
[ 150 million = 150,000,000
Total number of people unemployed =(150,000,000 *10) million/ 100 =
15,000,000 = 15 million]
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