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Suppose that the popularion of a country is 2,000,000 If 70% of the population is in...

Suppose that the popularion of a country is 2,000,000 If 70% of the population is in the labor force, and if the unemplyment rate is 5% what js the total number employed and unemployed?
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Answer #1

Total number of employed=1330000

Total number of unemployed=70,000

(Labour force = population* 70/100

=2,000,000*70/100

=1400000

Unemployment rate =5%

Unemployment rate = unemployed/ labour force *100

Total number of unemployed= labour force* unemployment rate/100

Total number of unemployed= 1400000*5/100

= 7000

Labour force = total number of unemployed+ total number of employed

Total number of employed= labour force- total number of unemployed

= 1400000-70000

=1330000)

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