Question

Suppose the number of employed people in an economy is 314,897,235. The unemployment rate in this economy is 7.7 ​percent, or 0.077​, and the labor force participation rate is 83.0 ​percent, or 0.83.

The size of the labor force is.....persons.

​(Round your response to the nearest whole number.​)

Answer 1

The size of the labor force is approximately 379,031,084 persons.

Step-by-step explanation:

The size of the labor force can be calculated by dividing the number of employed people by the labor force participation rate. In this case, the labor force participation rate is 0.83 and the number of employed people is 314,897,235. To find the size of the labor force, we divide 314,897,235 by 0.83:

Labor force = 314,897,235 / 0.83 = 379,031,084.34

Rounding to the nearest whole number, the size of the labor force is approximately 379,031,084 persons.