If the unemployment rate is 6.2% and the number of people employed is 200,000, the labor force is approximately
A) 210,970 people.
B) 212,400 people
C) 213,220 people.
D) cannot be determined from this information

Question

Quizplus · Accepted Answer

The labor force includes both employed and unemployed individuals. If the unemployment rate is 6.2%, then 6.2% of the labor force is unemployed. Let L be the labor force. Then, 0.062L is the number of unemployed people. Since the number of employed people is 200,000, we have 200,000 + 0.062L = L. Solving for L gives L ≈ 213,220.

If the Unemployment Rate Is 6