Assume a country has a total population of 20 million, of which 80 per cent are adults. 2.4 million of the adult population is not looking for a job, and 448,000 persons are employed. What is the labour force participation rate?a.5%b.80%c.85%d.95%
Question
Assume a country has a total population of 20 million, of which 80 per cent are adults. 2.4 million of the adult population is not looking for a job, and 448,000 persons are employed. What is the labour force participation rate?a.5%b.80%c.85%d.95%
Solution
The labour force participation rate is calculated as the sum of employed and unemployed persons divided by the total adult population.
Step 1: Calculate the total adult population. 80% of 20 million = 16 million adults.
Step 2: Calculate the number of adults who are either employed or looking for a job. This is the total adult population minus the number of adults not looking for a job. 16 million - 2.4 million = 13.6 million adults.
Step 3: Calculate the number of unemployed adults. This is the number of adults who are either employed or looking for a job minus the number of employed adults. 13.6 million - 448,000 = 13.152 million unemployed adults.
Step 4: Calculate the labour force. This is the sum of employed and unemployed adults. 448,000 + 13.152 million = 13.6 million.
Step 5: Calculate the labour force participation rate. This is the labour force divided by the total adult population, multiplied by 100 to get a percentage. (13.6 million / 16 million) * 100 = 85%.
So, the labour force participation rate is 85%, which corresponds to option c.
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