Suppose the following data describes a nation\'s population (a) How many people

Question

Suppose the following data describes a nation's population (a) How many people are unemployed in each year? Instructions: Enter your responses rounded to one decimal place. Year 1: 48 milion Year 2 652 million b) How many people are employed in each year? Instructions: Enter your responses rounded to one decimal place Yeor t veer 2:? 54mmon mlion Year 2 ic) Compute the employment rote n.e. number emplioyed-popuistion) in esch year Instructions: Enter your responses as a percentage rounded to the nearest whole number , 537% Year 2 54 % References eBook &Resources; Worksheet

Explanation / Answer

Ans:

a)

Unemployment rate = unemployed / labor force

Unemployed = unemployment rate * labor force

Year-1 = 160 million * 3%

= 4.8 million

Year-2 = 163 million * 4%

= 6.52 million

b)

Labor force = employed + unemployed

Employed = Labor force - unemployed

Year - 1 = 160 million - 4.8 million

= 155.2 million

Year - 2 = 163 million - 6.52 million

= 156.48 million

c)

Employment rate = employed / population

Year - 1 = 155.2 million / 300 million

= 51.73%

Year - 2 = 156.48 million / 304 million

= 51.47%

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