Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
Suppose 100 million people are in the civilian labor force and 90 million people are employed. How many people are unemployed? What is the unemployment rate?
The rate of unemployment.
Given the number of people in the Civilian labor force is 100 million and the number of employed people is 90 million.
The number of unemployed people can be calculated as the difference between the civilian labor force and the number of employed people. The number of unemployed people can be calculated using Equation (1) as follows:
The number of unemployed people can be calculated by substituting the respective values in Equation (1) as follows:
Thus, the number of unemployed people is 10 million
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