A country has a noninstitutionalized population of 243 million people. Out of that number, 38 million are under the age of 16 70 million are full-time students and retirees 8 million are unemployed workers 31 million are underemployed 96 million are employed full-time What is the labor force participation rate?

Question

Jaylin Esparza

Business

15 July, 13:33

A country has a noninstitutionalized population of 243 million people. Out of that number, 38 million are under the age of 16 70 million are full-time students and retirees 8 million are unemployed workers 31 million are underemployed 96 million are employed full-time What is the labor force participation rate?

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Answers (1)

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Chloe Petersen · Answer 1

66%

Explanation:

Students & retirees are not considered as part of Labor force people are under 16 age, are not part of working age population underemployed people are doing part time jobs, so counted as employed

Total employed = Employed full time + Underemployed

= 96 + 31

= 127 million

Unemployed workers = 8 million

Labor force size = employed + unemployed people

= 127 million + 8 million

= 135 million

Working age population:

= Total non-institutionalized population - People under age of 16

= 243 - 38

= 205 million

Therefore,

Labor force participation rate:

= (Labor force size : Total non institutionalized population) * 100

= (135 : 205) * 100

= 66%