Question

In 2009, based on concepts similar to those used to estimate U.S. employment figures, the Swedish adult non-institutionalized population was 7.568 million, the labor force was 4.888 million, and the number of people employed was 4.486 million. According to these numbers, the Swedish labor-force participation rate and unemployment rate were about:_________.
a. 64.6% and 8.2%
b. 64.6% and 5.3%
c. 59.3% and 8.2%
d. 59.3% and 5.3%

Answer 1

Answer:

a. 64.6% and 8.2%

Explanation:

The computation is shown below:

For labor force participation rate

= Labor force ÷ Total population × 100

= 4.888 million ÷ 7.568 million

= 64.60%

And, the unemployment rate is

But before that the employment rate is

= Labor employed ÷ labor force × 100

= 4.486 million ÷ 4.888 million

= 91.77%

Now the  unemployment rate is

= 100% - employment rate

= 100% - 91.77%

= 8.2%