Question

Suppose 120 million people are in the civilian labor force and 80 million people are employed. How many people are unemployed?

A. 105 million people
B. 200 million people
C. 20 million people
D. 40 million people

What is the unemployment rate?

A. 66.67%
B. 0.33%
C. 33.33%
D. 50%

Answer 1

There are 40 million unemployed people, and the unemployment rate is 33.33%.

Step-by-step explanation:

To calculate the number of unemployed people, we subtract the number of employed people from the total civilian labor force.

Therefore, the number of unemployed individuals is 120 million - 80 million = 40 million people.

To determine the unemployment rate, we take the number of unemployed individuals (40 million) and divide it by the total civilian labor force (120 million), then multiply by 100 to get a percentage.

The unemployment rate is therefore ((40 million / 120 million) * 100) = 33.33%.