Question

If the unemployment rate is 5.8 percent and the number of unemployed persons is 15 million, the number of people who are employed is approximately

Answer : 244 million

Answer 1

`Employed =244\ million`

Step-by-step explanation:

Given:

`Unemployment\ Rate = 5.8\%`

`Unemployed = 15\ million`

Required

Determine the number of employed persons.

First, we need to determine the labor force.

This is done as follows.

`Unemployment\ Rate = (Unemployed)/(Labor\ Rate)`

Substitute values for. Unemployment Rate and Unemployed

`5.8\% = (15\ million)/(Labor\ Rate)`

Solve for Labor Rate

`Labor\ Rate = (15\ million)/(5.8\%)`

`Labor\ Rate = 259\ million`

So, we have the labor rate to be.

`Labor\ Rate = 259\ million`

Next, we calculate the employed people as follows

`Employed = Labor\ Rate - Unemployed`

`Employed = 259\ million - 15\ million`

`Employed =244\ million`