Question

In a certain country, the labor force is 30 million and the unemployment rate is 5 percent. what is the amount of unemployed individuals in this country?

a.15 million
b.15,000
c.150,000
d.1.5 million

Answer 1

the answer is D . 1.5 million

Answer 2

The labor force of a country is the sum of the working people, whether employed or not, that is, it excludes retirees, children and people who are out of necessity.

The unemployment rate of a country is the percentage of the workforce that is unemployed.

In this case the workforce is 30 million people and the unemployment rate is 5%.

In this way, the number of unemployed is 5/100 x 30,000,000 = 1,500,000 people which is the same of 1,5 million people.

The fourth answer is correct (D).