Answer:
(c) 28.5 million
Explanation:
Calculating the labor force in the country:
the labor force is 60% of the total population.
Labor force = 60%× 50, 000 000 = 30 million.
The unemployment rate is calculated as:
n = No. of unemployed people ÷ Labor force
Given the unemployment rate is 0.05, the number of people unemployed is equal to:
0.05 = No. of unemployed people ÷ 30
Therefore, No. of unemployed people =
0.05 × 30 = 1, 500, 000
Thus, the number of employed people is equal to:
Employed people = Labor force - Unemployed people
Employed people = 30,000,000 - 1,500,000 = 2,850,000
