Homework Answers
Adult population = 1,000,000
Labor Force = 650,000
We know, labour force=Employed + Unemployed
Employed = 621,000
Unemployed = 29,000
a. Labor force participation rate = (Labor Force/Adult Population) * 100
Labor Force Partcipation Rate = (650,000 / 1,000,000) * 100 = 65%
b. Unemployment Rate = (Unemployed / Labor Force) * 100
Unemployment Rate = (29,000 / 650,000) * 100 = 4,46%
The nation's labor force participation rate equals 65% and its unemployment rate approximately equals 4.5%.
Answer - b. 65, 4.5
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