Question

working - age population
employment
unemployment
unemployment rate 4.0%
labor force 120,000
labor force participation rate 65.0%
#4 refer to figure 1. how many are unemployed (approximately)?
#5 refer to figure 1. how many are employed (approximately)?

Explanation:

Step1: Recall unemployment - rate formula

The unemployment - rate formula is $Unemployment\ rate=\frac{Number\ of\ unemployed}{Labor\ force}\times100\%$.

Step2: Solve for the number of unemployed

We know that the unemployment rate is $4.0\% = 0.04$ and the labor force is $120000$. Rearranging the formula to solve for the number of unemployed gives $Number\ of\ unemployed = Unemployment\ rate\times Labor\ force$. So, $Number\ of\ unemployed=0.04\times120000 = 4800$.

Step3: Solve for the number of employed

The labor force is the sum of the employed and the unemployed. Let $E$ be the number of employed and $U$ be the number of unemployed. We know that $Labor\ force=E + U$. So, $E = Labor\ force−U$. Substituting the values, $E=120000 - 4800=115200$.

Answer:

#4: 4800
#5: 115200