Suppose that some country had an adult population of about 50 million, a labor-force participation rate of 60 percent, and an unemployment rate of 5 percent. how many people were unemployed?

60% of 50 mill......0.6(50 mill) = 30 mill...this is the labor force participation
unemployment rate of 5%....0.05(30 mill) = 1.5 mill

1.5 million were unemployed <==

** if the unemployment rate is 5%, that means 5% of the labor force, not the entire adult population because some of the adult population might be too old or disabled and cant participate in the labor force. The labor force is people that are able to work.

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Parrain Parrain · Answer 2 · 2021-11-03T12:20:32+01:00

Based on the labor force participation rate, the number of unemployed people is 1.5 million people.

The unemployed rate is based on the labor force participation rate and not the adult population.

The labor force is 60% and in absolute value this is:

= 60% x 50 million people

= 30 million people

The unemployment rate is 5% of this:

= 5% x 30 million

= 1.5 million people

In conclusion, there are 1.5 million unemployed people

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