according to this formula, what is the labor force participation rate of this economy of six people?

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05-10-2021
Business

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according to this formula, what is the labor force participation rate of this economy of six people?

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Tundexi Tundexi · Answer 1 · 2021-10-11T07:16:49-04:00

The economy have a labor force participation rate of 60%.

Labor force participation rate helps to measure an economy active workforce.

Let understand that missing word is attached as image and from there, the 6 individuals will be assessed in relation with Labor force.

It is concluded that Yakov is Employed, Ana is Unemployed, Charles is not in the labor force, Juanita is Unemployed, Gilberto is not in the labor force, Dina is not in the adult population.

Observations from the question

The number of employed = 1

The number of unemployed = 2

Therefore, Labor force = Employed + Unemployed = 3

Adult population = Employed + Unemployed + Not in the labor force = 5

Labor force participation rate = Number in labor force / Adult population * 100

Labor force participation rate = 3/5 * 100

Labor force participation rate = 0.6 * 100

Labor force participation rate = 60%

In conclusion, the labor force participation rate of this economy of six people is 60%.

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