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11 May, 12:37

Suppose that the adult population is 210 million, and there are 130 million who are employed and 5 million who are unemployed. Calculate the unemployment rate and the labor force participation rate.

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  1. 11 May, 16:34
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    Unemployment rate = 3.7%

    Labor force participation rate = 64.3%

    Explanation:

    The adult population is 210 million

    The number of unemployed adults is 130 million

    The number of unemployed adults is 5 million

    (a) Unemployment rate = Number of unemployed / (Number of unemployed+Number of employed) * 100

    = 5 million / (5 million+130 million) * 100

    = 5 million/135 million*100

    = 0.037*100

    = 3.7%

    (b) Labor force participation rate = (Number of employed+Number of unemployed) / Adult population

    = (5 million + 130 million) / 210 million

    = 135 million/210 million

    = 0.643*100

    = 64.3%
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