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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. The unemployment rate is
6%.
Determine the number of employed people. Enter your answer in millions in the box below.
Expert Solution
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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