Suppose that some country had an adult population of about 50 million, a labor-force participation rate of 60 percent, and an unemployment rate of 5 percent. how many people were unemployed?

Based on the labor force participation rate, the number of unemployed people is 1.5 million people.

The unemployed rate is based on the labor force participation rate and not the adult population.

The labor force is 60% and in absolute value this is:

= 60% x 50 million people

= 30 million people

The unemployment rate is 5% of this:

= 5% x 30 million

= 1.5 million people

In conclusion, there are 1.5 million unemployed people

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60% of 50 mill0.6(50 mill) = 30 mill...this is the labor force participation
unemployment rate of 5%0.05(30 mill) = 1.5 mill

 1.5 million were unemployed <==

** if the unemployment rate is 5%, that means 5% of the labor force, not the entire adult population because some of the adult population might be too old or disabled and cant participate in the labor force. The labor force is people that are able to work.

We need to choose the nearest possible rounded off numbers for the estimation.

Step-by-step explanation:

Compatible numbers are the pairs of numbers which are easy to add, subtract, multiply, or divide mentally.

Example 1 (Addition)

600 + 300 = 900

The numbers 600 and 300 are compatible for addition, because the sum of 900 can be easily calculated mentally.

613 + 299 = 912

The numbers 613 and 299 are not compatible for addition, since the sum (912) cannot be easily calculated mentally. To estimate 613 + 299, replace 613 and 299 with the compatible numbers 600 and 300. An estimate of 613 + 299 is found by mentally calculating 600 + 300 = 900.

Example 2 (Subtraction)

20.4 − 3.8 = 16.6

The numbers 20.4 and 3.8 are not compatible for subtraction, since the difference (16.6) cannot be easily calculated mentally. To estimate 20.4 − 3.8, replace 20.4 and 3.8 with the compatible numbers 20 and 4. An estimate of 20.4 − 3.8 is found by mentally calculating 20 − 4 = 16.