Answer:
Instructions are listed below.
Explanation:
Giving the following information:
An unemployment rate of 6.10%
Participation rate 62.50%
Not in the labor force 64 million
A) labor force:
We know the total number of people that don't participate in the labor force and the percentage of the total population that does.
Therefore:
64 million= 37.5% of population
6100%= x
x= 1*64,000,000/0.375= 170,666,667
Labor force= 0.625*170,666,667= 106,666,667
B) Working-age population= total labor force= 170,666,667
C) Employed workers= Total labor force - unemployed people
Employed workers= 170,666,667 - ( 170,666,667*0.061)= 160,256,000
D) Unemployed= Total labor force*unemployed rate= 10,410,667