Suppose that some country had an adult population of about 59 million, a labor-force participation rate of 72.9 percent, and an unemployment rate of 2.3 percent. How many people were employed?

Question

Quizplus · Accepted Answer

The labor force is calculated as 72.9% of the adult population, which is 0.729 * 59 million = 42.981 million. The number of employed people is then the labor force minus the unemployed. With an unemployment rate of 2.3%, the number of unemployed is 0.023 * 42.981 million ≈ 0.989 million. Therefore, the number of employed people is approximately 42.981 million - 0.989 million ≈ 42 million.

Suppose That Some Country Had an Adult Population of About