Suppose a nation has a labor force of 44.0 million workers and an unemployment rate of 6.19%. Instructions: Round your answers to 2 decimal places. a. How many workers in this nation are unemployed? million b. How many workers in this nation are employed? million

ENGR.ECONOMIC ANALYSIS
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Suppose a nation has a labor force of 44.0 million workers and an unemployment rate of 6.19%.
Instructions: Round your answers to 2 decimal places.
a. How many workers in this nation are unemployed?
million
b. How many workers in this nation are employed?
million
Transcribed Image Text:Suppose a nation has a labor force of 44.0 million workers and an unemployment rate of 6.19%. Instructions: Round your answers to 2 decimal places. a. How many workers in this nation are unemployed? million b. How many workers in this nation are employed? million
Expert Solution
Step 1

a)Labor force= 44 million

Unemployment rate = 6.19%

Unemployment rate = Number of       Unemployed/ labor force

                        6.19% = x/44 million

So x = 6.19*44 million = 2.72 million.

Hence the number of unemployed is 2.72 million workers. 

 

 

 

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