Question

There are 200 people in the population. Ten of them are under the age of 16 and have no job. Five of them are under the age of 16 and have a job. Thirty people have retired, and half of these are no longer capable of working. There are 25 stay at home spouses. There are 20 college students with no job and half of them are looking for a job. Ten people have no job but are looking, and 10 people have no job but are not looking. The rest of the people have jobs. There are 185 people in the adult (working age) population and 145 people in the labor force. Enter whole numbers. The unemployment rate is 17.24 % and the labor force participation rate is Round to the nearest whole number.

Answer 1

Labor force participation rate= 59%

Step-by-step explanation:

Giving the following information:

There are 200 people in the population. Thirty people have retired, and half of these are no longer capable of working. There are 25 stay at home spouses. There are 20 college students with no job and half of them are looking for a job. Ten people have no job but are looking, and 10 people have no job but are not looking. The rest of the people have jobs. There are 185 people in the adult (working age) population and 145 people in the labor force. Enter whole numbers. The unemployment rate is 17.24 %.

Labor force= 185 - 30 retired - 25 stay at home - 10 college no looking for job - 10 no looking for job= 110

Labor force participation rate= labor force/ adult population

Labor force participation rate= 110/185= 0.59=59%