Answer:
A) 230 million
B) 10%
Explanation:
Given:
Total Population = 500 millions
Population Under 16 Years of Age or Institutionalized = 120 millions
Not in Labor Force = 150 millions
Unemployed = 23 millions
Now,
A) Labor force
= Total population – Population under 16 years of age – Not in labor force
= 500 – 120 – 150
= 230 millions
B) Unemployment rate = [tex]\frac{\textup{Unemployment}}{\textup{Labor force }}\times100\%[/tex]
or
Unemployment rate = [tex]\frac{\textup{23 million}}{\textup{230 million }}\times100\%[/tex]
or
Unemployment rate = 10%
