The unemployment rate in an economy is 6%. The total population of the economy is 290 million, and the size of the civilian labor force is 150 million. The number of unemployed workers in this economy is:

Question

Quizplus · Accepted Answer

The unemployment rate is calculated as the number of unemployed workers divided by the total labor force, which consists of both employed and unemployed workers.

We are given that the unemployment rate is 6%, so we can use this to find the number of unemployed workers:

Unemployment rate = (Number of unemployed workers / Labor force) x 100

6% = (Number of unemployed workers / 150 million) x 100

Solving for the number of unemployed workers:

Number of unemployed workers = (6% x 150 million) / 100

Number of unemployed workers = 9 million

Therefore, there are 9 million unemployed workers in this economy.

The Unemployment Rate in an Economy Is 6