Question

Suppose that some country had an adult population of about 47 million, a labor-force participation rate of 123.4 percent, and an unemployment rate of 31.0 percent. How many people were unemployed?

a. 18 million
b. 81.0 million
c. 58 million
d. 40 million

Answer 1

The number of unemployed peoples is 17.67 Millions, when the rate of unemployed peoples are 31%.

What is unemployment?

Unemployment happens when individuals who desire to do work are incapable to encounter jobs, which displaces economic output.

High pressure rates of unemployment are a sign of economic pain, while highly low-level rates of unemployment may sign a hotted economy.

Computation of unemployed peoples:

According to the given information,

The labor force rate =  123.4%, and

Absolute Value =  47 million

Then, the labor force population is:

$\text{labor Force Population} = \text{The Labor Force Rate} \times \text{Absolute Value}\\\\\text{labor Force Population} =123.4\% \times 47 \text{Million}\\\\\text{labor Force Population} =57 \text{Approx.}$

Now, the number of unemployed peoples are:

According to the given information,

unemployment rate = 31.0

Then,

$\text{Number of Unemployed Peoples} = \text{Unemployment Rate} \times \text{Labor force Population}\\\\\text{Number of Unemployed Peoples} = 31\% \times 57 \text{Million(Approx)}\\\\\text{Number of Unemployed Peoples} =17.67\text{Million}$

Therefore, the number of unemployed peoples are 17.67 Millions.

Learn more about unemployment, refer to:

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