1).The unemployment rate inan economy is 8%. The total population of the economy is 250, and the size of te civilian labor force is 150. The number of employed workers in this economy is _20. (IS THIS CORRECT)
If eight percent of 150 workers is unemployed,then 92 percent of 150 must be employed, as I understand it.
no that can't be 8% of 150 is 12, so how can that BE.
Please check the wording of your question. It's impossible to have only 20 people employed in this economy.
The unemployment rate in an economy is 8%. The total population of the economy is 250 million, and the size of the civilian labor force is 150 million. The number of employed workers in this economy is ?
150 * 0.8 = 12
12 are unemployed. Therefore 138 are employed.
Or as Bobpursley stated:
0.92 * 150 = 138
To determine the number of employed workers in the economy, we need to first calculate the number of unemployed workers.
The unemployment rate is calculated by dividing the number of unemployed workers by the total labor force and then multiplying by 100. In this case, the unemployment rate is given as 8%.
Let's calculate the number of unemployed workers:
Unemployment Rate = Number of Unemployed Workers / Total Labor Force * 100
Rearranging the formula, we get:
Number of Unemployed Workers = Unemployment Rate * Total Labor Force / 100
Plugging in the given values:
Number of Unemployed Workers = 8 * 150 / 100 = 12
Now, to find the number of employed workers, we subtract the number of unemployed workers from the total labor force:
Number of Employed Workers = Total Labor Force - Number of Unemployed Workers
Number of Employed Workers = 150 - 12 = 138
Therefore, the correct answer is 138 employed workers, not 20.