The adult population in Norland is 50 million. Among these adults, 20 million are employed and 10 million are unemployed. Determine the following. I. Labor force of Norland II. Unemployment rate in Norland III. Labor-force participation rate in Norland
I. Labor force = Employed people + Unemployed people
Labor force of Norland = 20 million + 10 million
= 30 million people
II. The unemployment rate measures the percentage of adults who are in the labor force but who do not have jobs.
Unemployment rate = Unemployed people/ Labor force x 100
= 10 million/ 30 million x 100
= 33.33%
III. The labor-force participation rate measures the percentage of the adult population currently in the labor force.
Labor-Force Participation Rate = Labor Force / Adult Population x 100
= 30 million/ 50 million x 100
= 60%
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