Suppose that the unemployment rate is 5%, the total working age population is 200 million, and the number of unemployed is 7.5 million. Determine the employment-population ratio. (Write the answer without the percentage sign. If your answer is XX.y%, write XX.y) Type your numeric answer and submit
Suppose that the unemployment rate is 5%, the total working age population is 200 million, and the number of unemployed is 7.5 million. Determine the employment-population ratio. (Write the answer without the percentage sign. If your answer is XX.y%, write XX.y) Type your numeric answer and submit
Chapter1: Making Economics Decisions
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![**Problem Statement: Calculating Employment-Population Ratio**
*Suppose that the unemployment rate is 5%, the total working age population is 200 million, and the number of unemployed is 7.5 million. Determine the employment-population ratio. (Write the answer without the percentage sign. If your answer is XX.y%, write XX.y)*
**Answer Input:**
Type your numeric answer and submit:
[__________]
**Solution Explanation:**
To calculate the employment-population ratio, first determine the number of employed individuals:
1. **Total Working Age Population:** 200 million
2. **Number of Unemployed:** 7.5 million
3. **Number of Employed:** Total Population - Unemployed = 200 million - 7.5 million = 192.5 million
Next, use the employment-population ratio formula:
\[ \text{Employment-Population Ratio} = \left(\frac{\text{Number of Employed}}{\text{Total Working Age Population}} \right) \times 100 \]
\[ = \left(\frac{192.5}{200} \right) \times 100 \]
\[ = 96.25 \]
Therefore, the employment-population ratio is 96.25 (submit as 96.25).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb93a4b56-e13a-4118-8823-601610d155f6%2F5ffe7271-6f20-47f1-87f4-c188c9436993%2F18dathg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Problem Statement: Calculating Employment-Population Ratio**
*Suppose that the unemployment rate is 5%, the total working age population is 200 million, and the number of unemployed is 7.5 million. Determine the employment-population ratio. (Write the answer without the percentage sign. If your answer is XX.y%, write XX.y)*
**Answer Input:**
Type your numeric answer and submit:
[__________]
**Solution Explanation:**
To calculate the employment-population ratio, first determine the number of employed individuals:
1. **Total Working Age Population:** 200 million
2. **Number of Unemployed:** 7.5 million
3. **Number of Employed:** Total Population - Unemployed = 200 million - 7.5 million = 192.5 million
Next, use the employment-population ratio formula:
\[ \text{Employment-Population Ratio} = \left(\frac{\text{Number of Employed}}{\text{Total Working Age Population}} \right) \times 100 \]
\[ = \left(\frac{192.5}{200} \right) \times 100 \]
\[ = 96.25 \]
Therefore, the employment-population ratio is 96.25 (submit as 96.25).
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