Question

Suppose the number of empioyod people in an economy is 312,814,747. The unemployment rate in this econorny is 7.5 percant, or 0.075 , and the labor force participation rate is 84.0 percent, or 0.84 . The size of the labor force is persons. (Round your response to the nearest whole number) The number of unemployed is persons. (Round your response to the nearest whole number.) The size of the population is ----------- persons. (Round your response to the nearest whole number.)

Answer 1

The size of the labor force is 372,155,202. The number of unemployed is 27,913,890. The size of the population is 442,375,002.

Step-by-step explanation:

The size of the labor force can be calculated by dividing the number of employed people by the labor force participation rate. So, the size of the labor force is 312,814,747 / 0.84 = 372,155,202 (rounded to the nearest whole number).

The number of unemployed can be calculated by multiplying the size of the labor force by the unemployment rate. So, the number of unemployed is 372,155,202 * 0.075 = 27,913,890 (rounded to the nearest whole number).

The size of the population can be calculated by dividing the size of the labor force by the labor force participation rate. So, the size of the population is 372,155,202 / 0.84 = 442,375,002 (rounded to the nearest whole number).