Question

5) Calculate: If there are 360 million people living in the U.S, and 290 million are eligible workers while 170 million are in the labor force with 10% unemployed, what is the number of unemployed workers?

6) Calculate: If there are 360 million people living in the U.S, but 1 million died of health issues leaving 289 million eligible workers, what is the unemployment rate if 170 million are in the labor force and 7 million are actively looking work?

7) Calculate: If there are 360 million people living in the U.S, and 289 million are eligible workers while 80 million are considered discouraged workers and 10 million are considered unemployed at a rate of 10%, what is the number of people in the labor force?

Answer 1

5)

Total Population = 360 million

Eligible workers = 290 million

labor force = 170 million

Unemployed = 10%

Number of unemployed = 10% of labor force

= 10%*170 million

= 17 million

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6)

Total Population = 360 million

Eligible workers = 289 million

Labor force = 170 million

Unemployed = Actively looking for work = 7 million

Hence, unemployment rate = Unemployed/labor force

=7 million/170 million

=0.041176

= 4.12%

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7)

Total population = 360 million

Eligible workers = 289 million

Discouraged workers = 80 million

Unemployed = 10 million

Unemployment rate = 10%

Hence, the number of people in the labor force = Unemployed/Unemployment rate

=10 million/10%

=100 million