Question

question
assume that the total working - age population of a country is 121.6 million. if 50.8 million people are not in the labor force and 67.4 million people are employed, what is the unemployment rate? round your answer to the nearest tenth.
provide your answer below:
unemployment rate =
%

Explanation:

Step1: Calculate the labor - force size

The labor - force is the total working - age population minus those not in the labor force.
Let \(L\) be the labor - force, \(P\) be the working - age population, and \(N\) be the number of people not in the labor force. Then \(L=P - N\).
Given \(P = 121.6\) million and \(N=50.8\) million.
\(L=121.6−50.8 = 70.8\) million.

Step2: Calculate the number of unemployed people

Let \(U\) be the number of unemployed people. The labor - force \(L\) is the sum of the employed (\(E\)) and the unemployed (\(U\)). So \(U = L−E\).
Given \(E = 67.4\) million and \(L = 70.8\) million.
\(U=70.8−67.4=3.4\) million.

Step3: Calculate the unemployment rate

The unemployment rate formula is \(r=\frac{U}{L}\times100\%\).
Substitute \(U = 3.4\) million and \(L = 70.8\) million into the formula:
\(r=\frac{3.4}{70.8}\times100\%=\frac{340}{70.8}\% \approx 4.8\%\)

Answer:

\(4.8\%\)