Table 1: Employed 14,000 people Unemployed 3,000 people Not in the Labor Force 4,000 people Refer...

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Table 1: Employed 14,000 people Unemployed 3,000 people Not in the Labor Force 4,000 people Refer to Table 1. The labor force

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Answer 1

Answer #1

1. Option B. 17,000 people

Explanation: Labor force = employed + unemployed = 14,000 + 3,000 = 17,000.

2. Option C. 17.6%

Explanation: Unemployment rate = unemployed/labor force * 100 = 3,000 /17,000 * 100 = 3/17 * 100 = 300/17 = 17.6%

3. Option D. 80.9%

Explanation:

Labor force participation rate = labor force / population * 100 = (employed + unemployed)/(employed+unemployed+not in labor force) * 100 = (14,000 + 3,000)/(14,000+3,000+4,000) = 17,000/21,000 * 100 = 17/21 * 100 = 0.809 * 100 = 80.9%

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