If the unemployment rate is 5.8% and the number of unemployed persons is 15 million,the number of people who are employed is approximately:
A) 258 million.
B) 243 million.
C) 87 million.
D) 870 million.
E) 2.6 million.

Question

Quizplus · Accepted Answer

If the unemployment rate is 5.8%, it means that 94.2% of the labor force is employed. We can calculate the size of the labor force by dividing the number of unemployed persons (15 million) by the unemployment rate (5.8% expressed as a decimal):

Labor force = 15 million / 0.058 = 258.6 million

To find the number of employed persons, we can subtract the number of unemployed persons from the labor force:

Employed persons = Labor force - Unemployed persons 
= 258.6 million - 15 million 
= 243.6 million (rounded to nearest million)

Therefore, the best choice is B) 243 million.

If the Unemployment Rate Is 5