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Suppose the following data describe a nation's population:

\begin{tabular}{lcc}
& Year 1 & Year 2 \\
\hline
Population & 400 million & 410 million \\
Labor force & 230 million & 240 million \\
Unemployment rate & 5 percent & 4 percent \\
\hline \hline
\end{tabular}

Instructions: Round your responses to one decimal place.

a. How many people are unemployed in each year?
- Year 1: 11.5 million
- Year 2: 9.6 million

b. How many people are employed in each year?
- Year 1: [tex]$\square$[/tex] million
- Year 2: [tex]$\square$[/tex] million

Sagot :

GinnyAnsweridn
Let's work through the solution step by step based on the given data.

### a. Calculating the number of unemployed people in each year:

#### Year 1:
1. Labor force in Year 1: 230 million
2. Unemployment rate in Year 1: 5% (or 0.05 as a decimal)
3. Number of unemployed people in Year 1: 230 million 0.05

Calculating:
[tex]\[ 230 \text{ million} \times 0.05 = 11.5 \text{ million} \][/tex]

So, the number of unemployed people in Year 1 is 11.5 million.

#### Year 2:
1. Labor force in Year 2: 240 million
2. Unemployment rate in Year 2: 4% (or 0.04 as a decimal)
3. Number of unemployed people in Year 2: 240 million 0.04

Calculating:
[tex]\[ 240 \text{ million} \times 0.04 = 9.6 \text{ million} \][/tex]

So, the number of unemployed people in Year 2 is 9.6 million.

### b. Calculating the number of employed people in each year:

The number of employed people can be found by subtracting the number of unemployed people from the labor force in each year.

#### Year 1:
1. Labor force in Year 1: 230 million
2. Number of unemployed people in Year 1: 11.5 million
3. Number of employed people in Year 1: 230 million - 11.5 million

Calculating:
[tex]\[ 230 \text{ million} - 11.5 \text{ million} = 218.5 \text{ million} \][/tex]

So, the number of employed people in Year 1 is 218.5 million.

#### Year 2:
1. Labor force in Year 2: 240 million
2. Number of unemployed people in Year 2: 9.6 million
3. Number of employed people in Year 2: 240 million - 9.6 million

Calculating:
[tex]\[ 240 \text{ million} - 9.6 \text{ million} = 230.4 \text{ million} \][/tex]

So, the number of employed people in Year 2 is 230.4 million.

Hence, the completed solution is:
b. How many people are employed in each year?

Year 1: 218.5 million

Year 2: 230.4 million
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