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20 June, 18:43

Data for an economy shows that the unemployment rate is 10%, the participation rate 80 percent, and 200 million people 16 years or older are not in the labor force. how many people are in the working-age population in this economy?

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  1. 20 June, 21:16
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    200 m + Labor Force = Working Age Population

    Since the participation rate is 80%,

    so we know that Labor Force = 0.80 x Working Age Population

    Thus, 200 m + 0.80 Working Age Population = Working Age Population

    200 m = Working Age Population (1-0.80)

    Solving for working age population,

    we get Working Age Population = 200 m / 0.2 = 1000 m

    The working age population is 1000 million.
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Home » Business » Data for an economy shows that the unemployment rate is 10%, the participation rate 80 percent, and 200 million people 16 years or older are not in the labor force. how many people are in the working-age population in this economy?
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