Answer:
a). The number of people in the working age population=125 million
b). The number of people who are part of the working-age population but not part of the labor force=50 million
c). The number of unemployed workers=6 million
d). The number of unemployed workers=69 million
Explanation:
a).
The labor force is the total number of people who are employed and also the unemployed who are looking for work.
The labor participation rate is a percentage expressed as;
Labor participation rate=(total number of employed+unemployed looking for work)/Total number in working age population
where;
total number of employed and unemployed looking for work=75 million
labor participation rate=60%
total number in working age population=p
replacing;
(60/100)=75 million/p
60 p=75 million×100
p=75 million×100/60
p=125 million
The number of people in the working age population=125 million
b). Working age population but not labor force=Total working age population-labor force
=(125-75)=50 million
The number of people who are part of the working-age population but not part of the labor force=50 million
c). Unemployment rate=(number of unemployed persons/labor force)×100
where;
number of unemployed persons=x
Unemployment rate=8%
labor force=75 million
replacing;
8/100=x/75 million
x=75 million×8/100=6 million
The number of unemployed workers=6 million
d). Labor force=number of employed workers+number of unemployed workers
where;
labor force=75 million
number of employed workers=y
number of unemployed workers=6 million
replacing;
75 million=y+6 million
y=(75-6) million
y=69 million
The number of unemployed workers=69 million
