Question

Suppose some country had an adult population of about 46 million, a labor-force participation rate of 75 percent, and an unemployment rate of 8 percent. How many people were employed?

Answer 1

Answer:

31.74 million people were employed.

Step-by-step explanation:

The unemployment rate is the number of unemployed people divided by the size of the labor force.

So the first step to solve this problem is finding the size of the country's labor force.

Suppose some country had an adult population of about 46 million, a labor-force participation rate of 75 percent.

So the size of the country labor force is:

0.75 * 46 million = 34.5 million people.

Unemployment rate of 8 percent. How many people were employed?

This means that 100 - 8 = 92 percent of people were employed. Remembering, this considers only the labor force, of 34.5 million people. So

0.92 * 34.5 million = 31.74 million

31.74 million people were employed.