Suppose that some country had an adult population of about 50 million,a labor-force participation rate of 60 percent,and an unemployment rate of 5 percent.How many people were unemployed?
A)1.425 million
B)1.5 million
C)2.5 million
D)5 million

Question

Quizplus · Accepted Answer

The labor-force participation rate is the percentage of the adult population who are either employed or actively seeking employment. Therefore, the size of the labor force is: 
Labor force = Adult population × Labor-force participation rate 
= 50,000,000 × 0.60 
= 30,000,000

The unemployment rate is the percentage of the labor force who are unemployed. Therefore, the number of unemployed people is: 
Unemployed = Labor force × Unemployment rate 
= 30,000,000 × 0.05 
= 1,500,000

Hence, the answer is  B) 1.5 million.

Suppose That Some Country Had an Adult Population of About