If the unemployment rate is 5.8 percent and the number of unemployed persons is 15 million,the number of people who are employed is approximately
A) 258 million.
B) 244 million.
C) 87 million.
D) 870 million.
E) 2.6 million.

Question

Quizplus · Accepted Answer

To find the number of people who are employed, we can use the formula:
Employed = Labor force - Unemployed
The labor force is the sum of employed and unemployed persons.
Labor force = Employed + Unemployed
We are given the unemployment rate, which is the ratio of unemployed persons to the labor force:
Unemployment rate = Unemployed / Labor force
We can rearrange the formula to solve for the labor force:
Labor force = Unemployed / Unemployment rate
Plugging in the values given:
Labor force = 15 million / 0.058
Labor force = 258.6 million (rounded to one decimal place)
To find the number of employed:
Employed = Labor force - Unemployed
Employed = 258.6 million - 15 million
Employed = 243.6 million (rounded to one decimal place)
Therefore, the best choice is B.

If the Unemployment Rate Is 5