Question

Assume The US's civilian working-age population is 5 million, the labor force participation rate in the US is 80%, and the unemployment rate is 25%. Calculate the number of unemployed people in The US.

Answer 1

The number of unemployed individuals in the US, based on the given data of a civilian working-age population of 5 million, a labor force participation rate of 80%, and an unemployment rate of 25%, is 1 million.

Step-by-step explanation:

To calculate the number of unemployed people in the US, given the civilian working-age population, labor force participation rate, and unemployment rate, follow these steps:

• Determine the total labor force: Multiply the civilian working-age population by the labor force participation rate. In this case, 5 million x 80% (or 0.8) equals 4 million people in the labor force.
• Calculate the number of unemployed: Multiply the total labor force by the unemployment rate. So, with a 25% (or 0.25) unemployment rate, 4 million x 25% equals 1 million unemployed individuals.

Therefore, the number of unemployed individuals in the US, based on the given data, is 1 million.