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The number of unemployed workers is 20 million and the labor force participation rate 70 percent....

The number of unemployed workers is 20 million and the labor force participation rate 70 percent. Suppose the size of the working-age population in this economy is 500 million. The number of employed workers in the economy is

(330 million this answer is wrong!!!)

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Answer #1

Calculation of number of employed people in the Economy

Labour force participation ratio= 70%

Labour force participation=

( Labour force÷ Adult population) × 100

Adult population= working age population + unemployed population

Adult population = 500 million + 20 million

= 520 million

Labour force participation = 520 million × 70%

= 364 miliion

Labour force participation = employed worker + unemployed worker

364 million = X + 20 million

Employed worker = 364 -20 = 344 million

Hence the number of employed worker in the Economy is = 344 million

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