Suppose there are 200 million people in the population, 120 million people in the labor force, and 90 million people are employed. The number of people unemployed is ____________ million and the unemployment rate is __________%.Group of answer choices30; 2530; 3330; 580; 40
Question
Suppose there are 200 million people in the population, 120 million people in the labor force, and 90 million people are employed. The number of people unemployed is ____________ million and the unemployment rate is __________%.Group of answer choices30; 2530; 3330; 580; 40
Solution
The number of people unemployed can be calculated by subtracting the number of people employed from the total labor force.
So, 120 million (labor force) - 90 million (employed) = 30 million people are unemployed.
The unemployment rate is calculated by dividing the number of unemployed people by the total labor force and then multiplying by 100 to get a percentage.
So, (30 million (unemployed) / 120 million (labor force)) * 100 = 25%
Therefore, the number of people unemployed is 30 million and the unemployment rate is 25%.
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