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1 October, 08:30

The labor force participation rate is the percentage of the working-age population in the labor force. Suppose an economy is given by: Population = 213 million Working-age population = 120 million Labor force = 93 million The number of people employed = 85 million The number of people unemployed = 8 million The labor force participation rate for this economy is nothing %

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  1. 1 October, 08:58
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    Answer: 77.5%

    Explanation:

    Working Age Population: 120 million

    Labor Force: 93 millions (employed and unemployed people)

    The labor force participation rate = (Labor Force / Working Age Population) X 100%

    = (93000000 / 120000000) X 100%

    =77.5%
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