In 2013, there were approximately 155 million people in the labor force and the unemployment rate was 7.4 percent. if the unemployment rate had been 5 percent instead of 7.4 percent instructions: enter your response rounded to one decimal place. (a) how many more workers would have been employed? million (b) how many fewer would have been unemployed? millon

(a) 3.7

(b) 3.7

Explanation:

The unemployment rate is calculated as the ration of unemployed workers over the labor force. The labor force is the total number of employed plus unemployed workers:

Then if there were 155 million people in the labor force and 7.4% where unemployed that means that 11.47 million people where unemployed

If unemployment rate would have been 5% we have

That means that 3.72 million fewer unemployed workers. Since Labor Force is the sum of unemployed and employed workers. The reduction in unemployment implies that they were now employed .

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