Question

If the number of unemployed workers is 16 million and the unemployment rate is 6%, how many workers are in the labor force

a. 760.67 million
b. 481 million
c. 266,66 million
d. 1 million

Answer 1

The number of workers in the labor force is calculated by dividing the number of unemployed workers by the unemployment rate in decimal form. With 16 million unemployed and a 6% unemployment rate, the labor force consists of 266.66 million workers. The correct answer is c. 266.66 million.

Step-by-step explanation:

To find out how many workers are in the labor force based on the unemployment rate, we need to use the formula for calculating the unemployment rate:

• Divide the number of unemployed people by the total labor force.
• Multiply by 100 to obtain the rate in percentage.

In the student's question, if the number of unemployed workers is 16 million and the unemployment rate is 6%, we can work this out in reverse:

• First, divide the unemployment rate by 100 to convert it back to decimal form, which is 0.06.
• Then, divide the number of unemployed people by this decimal:

16 million ÷ 0.06 = 266.66 million

Thus, the number of workers in the labor force would be 266.66 million. The correct answer is c. 266.66 million.