A country has an unemployment rate of 8%. If there are 1,500,000 people in the w

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Question: A country has an unemployment rate of 8%. If there are 1,500,000 people in the workforce, how many are unemployed?

Options:

Correct Answer: 120,000

Solution:

8% of 1,500,000 is calculated as (8/100) * 1,500,000 = 120,000.

A country has an unemployment rate of 8%. If there are 1,500,000 people in the workforce, how many are unemployed?

A country has an unemployment rate of 8%. If there are 1,500,000 people in the workforce, how many are unemployed?

Step 1: Understand that the unemployment rate is given as 8%. This means that 8 out of every 100 people in the workforce are unemployed.
Step 2: Identify the total number of people in the workforce, which is 1,500,000.
Step 3: To find out how many people are unemployed, calculate 8% of 1,500,000. This can be done by converting 8% to a decimal, which is 8 divided by 100, or 0.08.
Step 4: Multiply the total workforce by the decimal: 0.08 * 1,500,000.
Step 5: Perform the multiplication: 0.08 * 1,500,000 = 120,000.
Step 6: Conclude that there are 120,000 unemployed people in the workforce.

Percentage Calculation – Understanding how to calculate a percentage of a total amount.
Unemployment Rate – Understanding the definition of unemployment rate and its implications in the workforce.