Suppose that some country had an adult population of about 50 million, a labor force participation rate of 60 percent, and had an unemployment rate of 5 percent. How many people were employed?

a. 47.5 million

b. 30 million

c. 28.5 million

d. 1.5 million

(c) 28.5 million

Explanation:

Calculating the labor force in the country:

the labor force is 60% of the total population.

Labor force = 60% * 50, 000 000 = 30 million.

The unemployment rate is calculated as:

n = No. of unemployed people : Labor force

Given the unemployment rate is 0.05, the number of people unemployed is equal to:

0.05 = No. of unemployed people : 30

Therefore, No. of unemployed people =

0.05 * 30 = 1, 500, 000

Thus, the number of employed people is equal to:

Employed people = Labor force - Unemployed people

Employed people = 30,000,000 - 1,500,000 = 2,850,000