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22 July, 08:25

Suppose the current unemployment rate is 5%, the labor force is 400 million people, the labor force participation rate is 80% and the working-age population is 500 million people. How many million people are unemployed?

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  1. 22 July, 08:50
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    20,000,000 = unemployed people

    Explanation:

    Giving the following information:

    Suppose the current unemployment rate is 5%, the labor force is 400 million people, the labor force participation rate is 80% and the working-age population is 500 million people.

    The unemployment rate is the number of people of working age, disposed to work and looking for a job.

    Labor force rate = unemployed people / labor force

    0.05 = unemployed people / 400,000,000

    400,000,000*0.05 = unemployed people

    20,000,000 = unemployed people
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