Question

2 Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force

Answer 1

Answer:

230 million

Explanation:

The labour force of a country is made up of those that are employed and those that are willing to work (that is looking for employment).

It indicates the total number of people that's willing and able to work in an economy.

In the given scenario total population is 500 million. The people under 16 or institutionalised are not considered part of labour force as legal working age is 18 years.

The number of people not in labour for is 150 million. This is also deducted from total population.

Labour force = 500 - 150 - 120 = 230 million