Question

A country has 50 million people, 30 million of whom are adults. Of the adults, 5 million are not interested in working, another 5 million are interested in working but have given up looking for work, and 5 million are still looking for work. Of those who do have jobs, 5 million are working part time but would like to work full time, and the remaining 10 million are working full time. What is this country's labor force participation rate?

Answer 1

66.7% is the answer.

Explanation:

A country has 50 million people, 30 million of whom are adults.

Of the adults, 5 million are not interested in working.

5 million are interested in working but have given up looking for work.

5 million are still looking for work.

Of those who do have jobs, 5 million are working part time but would like to work full time, and the remaining 10 million are working full time.

Total labor force = Employed people + Unemployed people

=> 15 million+ 5 million = 20 million

The labor force participation rate is
`(20million)/(30million) *100`

= 66.66% ≈ 66.7%.