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5 July, 10:00

Data for an economy shows that the unemployment rate is 6%, the participation rate 60 percent, and 200 million people 16 years or older are not in the labor force. How many people are unemployed this economy?

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  1. 5 July, 12:04
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    80 million and 7.2 million is the rate

    Explanation:

    Unemployment rate is 6% of participation rate (i. e those employed)

    Participation rate is 60% (employed) = 60% of 200 million = 120 million

    The population is 200 million, and 60% is employed = 120 million.

    In conclusion, if 200 million is the population and 120 million are employed

    the raw simple calculation is 200-120 = 80 million.

    80 million are not employed and in this 80 million, it constitute of 16 years and others. so not all 80 million are engaged or part of employment rate.
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