I believe the answer is A but I would appreciate a second opinion.

Question

Question

business economics

Answer 1

Answer #1

Option 1.

Labor force = No of Unemployed + No of Employed

= 10+ No of Employed

= 10+40 = 50

As the unemployment rate is 20 percent, No of employed is 40 million

Unemployment rate = no of unemployed (No of employed + No of unemployed)

= 10/(1+40) = 10/50 =0.2 = 20 percent

Now with the working population of 70 million, and labor force equal to 50 million, people not in the labor force is 70-50=20 million

Answer 2

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