Question

Part A Suppose some country had an adult population of about 50 million, a labour-force participation...

Part A
Suppose some country had an adult population of about 50 million, a labour-force participation rate of 60 percent, and an unemployment rate of 7 percent. How many people were unemployed?

Part B
Suppose that the adult population is 6 million, the number of employed is 3.8 million, and the labour-force participation rate is 70%. What is the unemployment rate?

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Answer #1

PART A

Labor force = 30000000

Number of unemployed persons = 2100000

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PART B

Labor force = Number of employed + Number of unemployed

4200000 = 3800000 + Number of unemployed

Number of unemployed = 4200000 - 3800000

Number of unemployed = 400000

Labor force = Number of employed + Number of unemployed

Labor force = 3800000 + 400000

Labor force = 4200000

Unemployment rate = 9.52%

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