Suppose the population (age 16 and over) of Italy is 48 million; 4 million are unemployed, and 40 million hold jobs. Indicate the rate of unemployment and the employment/population ratio of New Zealand.

Question

Quizplus · Accepted Answer

Since the population of Italy is 48 million, and 4 million are unemployed, the number of employed people is:

Employed = Population - Unemployed
Employed = 48 million - 4 million
Employed = 44 million

The unemployment rate is the number of unemployed people divided by the total labor force (sum of employed and unemployed people), multiplied by 100:

Unemployment Rate = (Unemployed / (Employed + Unemployed)) x 100
Unemployment Rate = (4 million / (44 million + 4 million)) x 100
Unemployment Rate = 8.33 percent (rounded to one decimal place)

The employment/population ratio is the number of employed people divided by the population, multiplied by 100:

Employment/Population Ratio = (Employed / Population) x 100
Employment/Population Ratio = (44 million / 48 million) x 100
Employment/Population Ratio = 91.7 percent (rounded to one decimal place)

Therefore, the best choice is D, with an unemployment rate of 9.1 percent and an employment/population ratio of 83.3 percent.

Suppose the Population (Age 16 and Over) of Italy Is