Suppose you are given the following information: a. What is the total population

Question

Suppose you are given the following information:

a. What is the total population? _____ million. (Enter your response rounded to one decimal place.)

b. Calculate the total number of unemployed people. ___ million. (Enter your response rounded to one decimale place.)

c. Calculate the labor force participation rate. ___%. (Enter your response as a percentage rounded to one decimal place.)

Labor Force 208.97 Adults in the military 1.26 Nonadult population 56.32 employed adults 185.92 institutionalized adults 2.45 nonmilitary, noninstitutionalized adults not in labor force 34.75

Explanation / Answer

a) Total Population = 208.97 + 1.26 + 56.32 + 2.45 + 34.75 = 303.75 Million

b) Total number of unemployed people = Labor Force - Employed adults

= 208.97 - 185.92

   = 23.05 Million

c) The Labor force participation rate = Labor Force / Non-institutionalized civilian population

Labor Force = 208.97 Million

  Non-institutionalized civilian population = Total Population - Adults in military - Non adult population - institutionalized adults

Non-institutionalized civilian population = 303.75 - 1.26 - 56.32 - 2.45

Non-institutionalized civilian population = 243.72 Million

The Labor force participation rate = 208.97 * 100 / 243.72 = 85.7 %

Conclusion:-

a) Total Population 303.75 Million b) Total number of unemployed people 23.05 Million c) The Labor force participation rate 85.7 %

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