Suppose a country has a population of 76 million, of which 53 million are in the working-age population. Of those, 3 million are unemployed and 46 million are employed.
a.Calculate the number of people who are in the labor force.b.Calculate the number of people who are not in the labor force.c.Calculate the labor-force participation rate.d.Calculate the unemployment rate.
What will be an ideal response?
a.LF = U + E = 3 + 46 = 49 millionb.NILF = WAP ? LF = 53 ? 49 = 4 millionc.LFPR = LF/WAP = 49/53 = 92.5%d.UR = U/LF = 3/49 = 6.1%
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