Question

If the labor force is 320,000 and the total population 16 years of age or older is 400,000, the labor-force participation rate is:_______

Answer 1

Answer:

80 %

Explanation:

Given that,

Labor force = Employed people + Unemployed people

                    = 320,000

Total population 16 years of age or older = 400,000

Therefore, the labor force participation rate is as follows:

= (Labor force ÷ Population of 16 years of age or older) × 100

= (320,000 ÷ 400,000) × 100

= 80 %