uppose you are given the following information:
Labor force=209.42
Adults in the military=2.25
Nonadult population=52.88
Employed adults=191.41
Institutionalized adults=3.91
Nonmilitary, noninstitutionalized adults not in labor force=49.81
a. What is the total population? enter your response here
million. (Enter
your response rounded to one decimal place.)
The total population is 262.4 million. (Calculation: Labor force + Adults in the military + Nonadult population = 209.42 + 2.25 + 52.88 = 264.55 million. Then subtract Institutionalized adults = 264.55 - 3.91 = 260.64 million. Finally, subtract Nonmilitary, noninstitutionalized adults not in labor force = 260.64 - 49.81 = 210.83 million, which is the total adult population. Add the Nonadult population to get the total population = 210.83 + 52.88 = 262.4 million.)
b. Calculate the total number of unemployed people. enter your response here
million. (Enter
your response rounded to one decimal place.)
Calculate the unemployment rate. enter your response here
%
(Enter
your response as a percentage rounded to two decimal places.)
The total number of unemployed people is 18.01 million. (Calculation: Labor force - Employed adults = 209.42 - 191.41 = 18.01 million.)
The unemployment rate is 8.6%. (Calculation: Unemployed people / Labor force x 100% = 18.01 / 209.42 x 100% ≈ 8.60%.)
How did you get unemployed people =18.01 million?
To calculate the number of unemployed people, we can subtract the number of employed adults from the labor force:
Number of unemployed people = Labor force - Employed adults
Number of unemployed people = 209.42 - 191.41
Number of unemployed people ≈ 18.01 million
Therefore, there are approximately 18.01 million unemployed people.
c. Calculate the labor force participation rate. enter your response here
%.
(Enter
your response as a percentage rounded to one decimal place.)
The labor force participation rate can be calculated as the percentage of the total population that is part of the labor force:
Labor force participation rate = Labor force / Total population x 100%
Labor force participation rate = 209.42 / 262.4 x 100%
Labor force participation rate ≈ 79.9%
Therefore, the labor force participation rate is approximately 79.9%.