Answer:
labor-force participation rate = 57 %
Unemployment rate = 5.1 %
Explanation:
Given :
Adult population = 62.2 million
Employed population = 33.7 million
Unemployed population = 1.8 million
Therefore labor force can be calculated by = ( Employed population + Unemployed population )
= 33.7 + 1.8
= 35.5 million
Thus labor-force participation rate = ( Labor Force / Adult Population ) x 100
= ( 35.5 / 62.2 ) x 100
= 57.07
~ 57 percent
Now,
Unemployment rate = ( Unemployed / Labor Force) x 100
= ( 1.8 / 35.5 ) x 100
= ( 1.8 / 35.5 ) x 100
= 5.07
~ 5.1
Therefore, labor-force participation rate = 57 %
Unemployment rate = 5.1 %
Black market or underground economy is the term used to describe the clandestine and illegal sale of goods, products or services, violating the pricing or rationing imposed by the government or companies.
The phenomenon of the black market arises in times of crisis or periods of government control of the economy, usually when the scarcity of basic goods forces governments to impose price controls or rationing of goods.
Answer:
We can then infer that the black market is regulated by the government of the country to which it belongs.
