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Homework answers / question archive / Assume that a country's total population of people sixteen and over is450 million, and 50 million of them are classified as out of the labor force

Assume that a country's total population of people sixteen and over is450 million, and 50 million of them are classified as out of the labor force

Economics

Assume that a country's total population of people sixteen and over is450 million, and

50 million of them are classified as out of the labor force. The unemployment rate is 

6%.

 

Determine the number of employed people. Enter your answer in millions in the box below.

 

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Computation of Number of Employed People:

Number of persons who are out of labor force= Total population - Total labor force

50 million = 450 million - Total labor force

Total labor force = 450 million - 50 million = 400 million

Unemployment Rate = 6%

So, 

Employment Rate = 1-6% = 94% 

 

Number of Employed People = 400 million*94% = 376 million

 

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