Question

The unemployment rate in an economy is 7.5 percent. The total population of the economy is 250 million and the size of the civilian labor force is 180 million. The number of employed workers in this economy is:

Answer 1

Answer:

$166.5 million

Explanation:

The computation of the number of employed workers in this economy is shown below:-

Unemployed rate = Unemployed ÷ Labor force × 100

7.5% = Unemployed ÷ $180 million × 100

Unemployed = $13.5 million

Employed = Labor force - Unemployed

= $180 - $13.5

= $166.5 million

hence, the number of employed workers in this economy is $166.5 million