Question

If the labor force is 300,000 workers,

but 24,000 are unemployed, what is the
unemployment percentage?
A. 3%
B. 8%
C. 18%
D. 24%

Answer 1

8%

Step-by step explanation:

We are given:

• Total workers: 300,000
• Unemployed workers: 24,000

The formula to determine the percentage of unemployed workers in the total workers, we need to divide the number of unemployed works by the total workers in the labor force. Then, multiply the quotient by 100 to obtain the percentage of unemployed workers.

Formula:

`\frac{\text{Unemployed workers}}{\text{Total workers} } * 100 = \text{Percentage of unemployed workers}`

Substitute the given values into the formula to determine the percentage of unemployed workers in the labor force.

`\implies \frac{\text{24,000}}{\text{300,000} } * 100 = \text{Percentage of unemployed workers}`

Now, simplify the equation. The easiest way to simplify the equation is to temporially ignore the "100".

`\implies \frac{\text{24,000}}{\text{300,000} } = \text{Percentage of unemployed workers}`

Then, cancel the "0's" on the L.H.S. This is a good way to simplify the equation on the L.H.S

`\implies \frac{\text{24}}{\text{300} } = \text{Percentage of unemployed workers}`

Don't forget to multiply the result by 100 as it was temporaily hidden.

`\implies \frac{\text{24}}{\text{300} } * 100= \text{Percentage of unemployed workers}`

Let 100 be 100/1. Thus, our equation will be:

`\implies \frac{\text{24}}{\text{300} } * (100)/(1) = \text{Percentage of unemployed workers}`

Multiply the numerator with the numerator and the denominator with the denominator.

`\implies \frac{24 * 100}{\text{300} * 1} } = \text{Percentage of unemployed workers}`

`\implies \frac{2400}{\text{300} } = \text{Percentage of unemployed workers}`

Cancel the "0's" on the L.H.S to make it easier to simplify.

`\implies \frac{2400}{\text{300} } = \text{Percentage of unemployed workers}`

`\implies \frac{24}{\text{3} } = \text{Percentage of unemployed workers}`

`\implies 8 = \text{Percentage of unemployed workers}`

Thus, 8% of the workers are unemployed workers.