give answer in 2 step with explanation at the end of each step and final answer at the end:A country's labor force consists of 12 million people. Out of these, 9 million are employed and 600, 000 are unemployed but actively seeking work.
Segment 1: Calculate the unemployment rate.
Segment 2: Determine the employment rate.
Segment 3: Find the labor force participation rate if the working - age population is 15 million.
Question:
give answer in 2 step with explanation at the end of each step and final answer at the end:A country's labor force consists of 12 million people. Out of these, 9 million are employed and 600, 000 are unemployed but actively seeking work.
Segment 1: Calculate the unemployment rate.
Segment 2: Determine the employment rate.
Segment 3: Find the labor force participation rate if the working - age population is 15 million.
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Asked by: Rahul
Created at: 2025-12-18 04:03:40
Final Answer:
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# Segment 1: Calculate the Unemployment Rate
**Step 1:** Find the number of unemployed people and the total labor force.
- Unemployed: 600,000
- Labor force: 12,000,000
**Step 2:** Use the unemployment rate formula:
\[
\text{Unemployment Rate} = \frac{\text{Unemployed}}{\text{Labor Force}} \times 100
\]
\[
= \frac{600,000}{12,000,000} \times 100 = 5\%
\]
**Explanation:**
The unemployment rate is the percentage of people in the labor force who are actively seeking work but are not employed.
---
# Segment 2: Determine the Employment Rate
**Step 1:** Find the number of employed people and the total labor force.
- Employed: 9,000,000
- Labor force: 12,000,000
**Step 2:** Use the employment rate formula:
\[
\text{Employment Rate} = \frac{\text{Employed}}{\text{Labor Force}} \times 100
\]
\[
= \frac{9,000,000}{12,000,000} \times 100 = 75\%
\]
**Explanation:**
The employment rate is the percentage of the labor force currently holding jobs.
---
# Segment 3: Find the Labor Force Participation Rate
**Step 1:** Identify the labor force and the working-age population.
- Labor force: 12,000,000
- Working-age population: 15,000,000
**Step 2:** Use the labor force participation rate formula:
\[
\text{Labor Force Participation Rate} = \frac{\text{Labor Force}}{\text{Working-age population}} \times 100
\]
\[
= \frac{12,000,000}{15,000,000} \times 100 = 80\%
\]
**Explanation:**
The labor force participation rate measures what portion of the working-age population is either employed or actively seeking work.
---
# Final Answers
- **Unemployment rate:** 5%
- **Employment rate:** 75%
- **Labor force participation rate:** 80%
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