Asked Mar 3, 2020

Suppose the economy has an adult (over 16) population of 11500, with a labor force of 10925 people and 546 unemployed people. Calculate the labor force participation rate.


Expert Answer

Step 1

Given, The adult population = 11500

Labor force = 10925

Unemployed people = 546

Step 2

Use below formula to find the labor force participation rate.

Note- Ignore the unemployed people because we are calculating labor force participation rate.


Economics homework question answer, step 2, image 1


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