Answered

Assume that the total working-age population of a country is.
120 million. If 50 million people are not in the labor force and
66.5 million people are employed, what is the unemployment rate in
percentage?
Canvas will not accept the symbol %; therefore, if, for example, the
answer is 50%, then write 50.

Verified Answer :

GinnyAnswer

To determine the unemployment rate in the given scenario, follow these steps:

1. Calculate the labor force:
The labor force is the total working-age population minus the people not in the labor force.

\(\[ \text{Labor Force} = \text{Total Working-Age Population} - \text{Not in Labor Force} \]\)

Given:
- Total working-age population = 120 million
- Not in labor force = 50 million

\(\[ \text{Labor Force} = 120\,\text{million} - 50\,\text{million} = 70\,\text{million} \]\)

2. Calculate the number of unemployed people:
The number of unemployed people is the labor force minus the number of employed people.

\(\[ \text{Unemployed People} = \text{Labor Force} - \text{Employed People} \]\)

Given:
- Employed people = 66.5 million

\(\[ \text{Unemployed People} = 70\,\text{million} - 66.5\,\text{million} = 3.5\,\text{million} \]\)

3. Calculate the unemployment rate:
The unemployment rate is calculated by dividing the number of unemployed people by the labor force and then multiplying by 100 to convert it to a percentage.

\(\[ \text{Unemployment Rate} = \left( \frac{\text{Unemployed People}}{\text{Labor Force}} \right) \times 100 \]\)

\(\[ \text{Unemployment Rate} = \left( \frac{3.5\,\text{million}}{70\,\text{million}} \right) \times 100 \]\)

Simplifying the fraction:

\(\[ \text{Unemployment Rate} = \left( \frac{3.5}{70} \right) \times 100 = 0.05 \times 100 = 5 \]\)

Therefore, the unemployment rate is \(\( 5 \)\).

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