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7 December, 04:46

Suppose the number of unemployed is 10 million, the number of employed is 200 million, and the nation's

adult population is 323 million. Given this information, the labor force participation rate is approximately

and the unemployment rate is approximately

A. 62 percent; 5.0 percent

B. 62 percent; 4.76 percent

C. 65 percent; 4.76 percent

D. 65 percent; 5.0 percent

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Answers (1)
  1. 7 December, 06:30
    0
    Labor force participation rate = 65%

    Unemployment rate = 4.76%

    Explanation:

    Given the following:

    number of unemployed = 10,000,000

    number of employed = 200,000,000

    Adult population = 323,000,000

    Labor force participation:

    The labor force participation rate is the ratio of the labor force to the adult population.

    Labor force / adult population

    Labor force = employed + unemployed

    (Number of employed + number of unemployed) / number of adults

    ((200,000,000 + 10,000,000) / 323,000,000) * 100%

    (210,000,000 / 323,000,000) * 100%

    = 65.015% = 65%

    Unemployment rate:

    The ratio of unemployed citizens to the labor force.

    Unemployment rate = (unemployed / labor force)

    Labor force = (employed + unemployed)

    Labor force = (200,000,000 + 10,000,000) = 210,000,000

    Unemployed = 10,000,000

    Unemployment rate:

    (10,000,000 / 210,000,000) * 100%

    0.0476 * 100% = 4.76%
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