What would be the labor force participation rate and the unemployment rate in the country if...
Homework Answers
Answer
Formula:
Labor Force Participation Rate
= ((Total Number of Employed + Total Number of People looking for Job)/Adult Population)*100
= ((175 million + 35 million) / 230 million)*100
= 91.30%
Hence Labor Force Participation rate = 91.30%
Unemployment rate = (Total Number of Unemployed / Labor Force)*100
Labor Force = (Total Number of Employed + Total Number of People looking for Job = 175 million + 35 million
= 210 million.
Total Number of unemployed = Total Number of People looking for Job)/Adult Population = 35 million
Hence, Unemployment rate = (35 million/210 million)*100
= 16.67%
Hence, Unemployment rate = 16.67%
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