Answer:
Labor force participation rate = 65%
Unemployment rate = 4.76%
Explanation:
Given the following :
number of unemployed = 10,000,000
number of employed = 200,000,000
Adult population = 323,000,000
Labor force participation :
The labor force participation rate is the ratio of the labor force to the adult population.
Labor force / adult population
Labor force = employed + unemployed
(Number of employed + number of unemployed) / number of adults
((200,000,000 + 10,000,000) / 323,000,000) × 100%
(210,000,000 / 323,000,000) × 100%
= 65.015% = 65%
Unemployment rate :
The ratio of unemployed citizens to the labor force.
Unemployment rate =(unemployed / labor force)
Labor force =( employed + unemployed)
Labor force = (200,000,000 + 10,000,000) = 210,000,000
Unemployed = 10,000,000
Unemployment rate:
(10,000,000 / 210,000,000) × 100%
0.0476 × 100% = 4.76%
