Suppose some country had an adult population of about 50 million,the labor-force participation rate was 60 percent,and the unemployment rate was 5 percent.What were the number of people employed and the number of people in the labor force?

Question

Quizplus · Accepted Answer

The labor force is the sum of employed and unemployed individuals. Using the given information:
- Labor force participation rate = 60%, so the size of the labor force is 60% of the adult population: 
50 million x 0.60 = 30 million
- Unemployment rate = 5%, so the number of unemployed individuals is:
30 million x 0.05 = 1.5 million
- To find the number of employed individuals, we subtract the number of unemployed from the labor force:
30 million - 1.5 million = 28.5 million

Suppose Some Country Had an Adult Population of About 50