Question

Mongolia has a labor force of 1.47 million people and a labor force participation rate of 64.88%. If the number of people who are not yet old enough to work (15 and under) is 837,804, what is Mongolia's total population (rounded to the nearest whole person)?

a.)2,265,721

b.)1,791,540

c.)1,729,361

d.)3,103,525

Answer 1

Labor force participation rate = Labor force / Population who are eligible to work ( above 15 years)

64.88% = 1.47 million / Population (above 15)

0.6488 = 1,470,000 / population above 15

Population above 15 = 1,470,000 / 0.6488

= 2,265,721.33

Mongolia's total population = Population above 15 + population under 15

= 2,265,721.33 + 837,804

= 3,103,525.33

= 3,103,525 ( rounder to whole number)

Hence, Ans is d) 3,103,525