If the unemployment rate is 6 percent and the number of persons unemployed is 6 million,how many people are employed?
A)6 million
B)94 million
C)100 million
D)106 million

Question

Quizplus · Accepted Answer

The formula for calculating the total labor force is:
Labor Force = Employed + Unemployed 
We're given that the unemployment rate is 6 percent, which means that 6 percent of the labor force is unemployed.
So, we can write:
6% of Labor Force = 6 million
To solve for the total labor force, we need to divide both sides of the equation by 0.06 (which is the same as multiplying by 100/6 or 16.67):
Total Labor Force = 6 million / 0.06
Total Labor Force = 100 million
Now that we know the total labor force is 100 million, and we know that 6 million are unemployed, we can calculate how many people are employed:
Employed = Total Labor Force - Unemployed
Employed = 100 million - 6 million
Employed = 94 million

If the Unemployment Rate Is 6 Percent and the Number