Question

In 2016, 59.7 percent of the adult population (253 million) was employed. If the employment rate increased to 62 percent,

Instructions: In part a, round your response to one decimal place. In part b, enter your response as a whole number.

a. How many more people would be working?
______ million
b. By how much would output increase if per worker GDP were $122,000?
$ _____ billion

Answer 1

Answer:

a. 5.819 million

b. $709918

Explanation:

Below is the calculation:

a. Total number of adult population = 253 million

Total employed adult = 253 x 59.7% = 151.041

Number of employed adult after increase in employment rate = 253 x 62% = 156.86

More people would be working = 156.86 - 151.041 = 5.819 million

b. GDP per capita is $122,000, so increase in GDP = 5.819 x 122000

    Increase in GDP = $709918