If the number of employed people equals 185 million, the number of unemployed people equals 15 million, and the number of people in the population aged 16 and older equals 210 million, then:
A)the unemployment rate equals 7.14% and the labor force participation rate equals 95.2%.
B)the unemployment rate equals 7.23% and the labor force participation rate equals 85.7%.
C)the unemployment rate equals 7.5% and the labor force participation rate equals 92.9%.
D)the unemployment rate equals 7.7% and the labor force participation rate equals 92.9%.
E)the unemployment rate equals 7.7% and the labor force participation rate equals 92.9%

Question

Quizplus · Accepted Answer

The unemployment rate is calculated by dividing the number of unemployed people by the labor force, which is the sum of employed and unemployed people. The labor force participation rate is calculated by dividing the labor force by the population aged 16 and older. In this case, the unemployment rate is 15 million / (185 million + 15 million) = 7.14% and the labor force participation rate is (185 million + 15 million) / 210 million = 95.2%.

If the Number of Employed People Equals 185 Million, the Number