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29 July, 14:55

Suppose there are 75 million people in the labor force. The labor force participation rate is 60% and the unemployment rate is 8%. Instructions: Enter whole numbers in each box. a. The number of people in the working-age population is. b. The number of people who are part of the working-age population but not part of the labor force is. c. The number of unemployed workers is. d. The number of employed workers is

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  1. 29 July, 15:01
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    a). The number of people in the working age population=125 million

    b). The number of people who are part of the working-age population but not part of the labor force=50 million

    c). The number of unemployed workers=6 million

    d). The number of unemployed workers=69 million

    Explanation:

    a).

    The labor force is the total number of people who are employed and also the unemployed who are looking for work.

    The labor participation rate is a percentage expressed as;

    Labor participation rate = (total number of employed+unemployed looking for work) / Total number in working age population

    where;

    total number of employed and unemployed looking for work=75 million

    labor participation rate=60%

    total number in working age population=p

    replacing;

    (60/100) = 75 million/p

    60 p=75 million*100

    p=75 million*100/60

    p=125 million

    The number of people in the working age population=125 million

    b). Working age population but not labor force=Total working age population-labor force

    = (125-75) = 50 million

    The number of people who are part of the working-age population but not part of the labor force=50 million

    c). Unemployment rate = (number of unemployed persons/labor force) * 100

    where;

    number of unemployed persons=x

    Unemployment rate=8%

    labor force=75 million

    replacing;

    8/100=x/75 million

    x=75 million*8/100=6 million

    The number of unemployed workers=6 million

    d). Labor force=number of employed workers+number of unemployed workers

    where;

    labor force=75 million

    number of employed workers=y

    number of unemployed workers=6 million

    replacing;

    75 million=y+6 million

    y = (75-6) million

    y=69 million

    The number of unemployed workers=69 million
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