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# 2. Please use these given pieces of information. Suppose the number of employed people in

Question: 2. Please use these given pieces of information. Suppose the number of employed people in an economy is 121,166,640. The unemployment rate in this economy is 10.4 percent, or 0.104, and the labor force participation rate is 72.5 percent, or 0.725. What is the size of the labor force? Labor force = employed unemployed Percentage of2. Please use these given pieces of information. Suppose the number of employed people in an economy is 121,166,640. The unemployment rate in this economy is 10.4 percent, or 0.104, and the labor force participation rate is 72.5 percent, or 0.725.

What is the size of the labor force?

Labor force = employed unemployed
Percentage of employed people from the labor force = 100 – 10.4 = 89.6
121,166,640 / 0.896 = 135,230,625

How many people are unemployed?

135,230,625 x 0.104 = 14,063,985

What is the size of the working-age population?

135,230,625 / 0.725 = 186,525,000

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