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18. Suppose a nation has 1 million adults (age 16+). In addition, its labor force totals 650,000 persons, the number of not e

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Answer #1

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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