Question

Given a total population of 1 million, a working age population of 500,000, a labor force of 400,000, 300,000 employed, and 100,000 unemployed... ..the labor force participation rate is:

Answer 1

Answer:

the labor force participation rate is 80%

Explanation:

The computation of the labor force participation rate is given below:

Labor force participation rate = labor force ÷  working-age population ×  100

= 400,000 ÷ 500,000 × 100

= 4 ÷ 5 ×  100

= 80%

hence, the labor force participation rate is 80%