Suppose that in the small country of Sociopolis there are 6 millionpeople in the

Question

Suppose that in the small country of Sociopolis there are 6 millionpeople in the adult population, that the labor-force participationrate is 70 percent, and that there are 3.8 million people employed.To the nearest tenth, what is the unemployment rate? Suppose that in the small country of Sociopolis there are 6 millionpeople in the adult population, that the labor-force participationrate is 70 percent, and that there are 3.8 million people employed.To the nearest tenth, what is the unemployment rate?

Explanation / Answer

If 70% of the population can work that means that 4.2 million ofthe population can work (.70 x 6,000,000 = 4,200,000). 3.8 million are employed so 4.2 - 3.8 = .4 million areunemployed The percentage is .4 unemployed/ 4.2 total that can be employed =.0952 or 9.52 % Good luck...hope this helps! :-)

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