Suppose that you are given the following information:
Total Population=300 million, Adult, noninstitutionalized, nonmilitary population=218 million, Unemployed adults=6 million
a.
If the labor force participation rate is 67.0%, calculate the size of the labor force
The size of the adult, noninstitutionalized, nonmilitary population that is in the labor force is:
Labor Force Size = Adult Population x Labor Force Participation Rate
Labor Force Size = 218 million x 67%
Labor Force Size = 146.06 million
Therefore, the size of the labor force is approximately 146.06 million people.
b.
Determine the number of Employed adults: enter your response here
million.
The number of employed adults can be calculated as follows:
Employed Adults = Labor Force - Unemployed Adults
Employed Adults = 146.06 million - 6 million
Employed Adults = 140.06 million
Therefore, there are approximately 140.06 million employed adults.
Calculate the Unemployment rate: enter your response here
%
The unemployment rate can be calculated as follows:
Unemployment Rate = (Unemployed Adults / Labor Force) x 100%
Unemployment Rate = (6 million / 146.06 million) x 100%
Unemployment Rate = 4.11%
Therefore, the unemployment rate is approximately 4.11%.
To calculate the size of the labor force, we need to multiply the labor force participation rate (as a decimal) by the total adult population.
The labor force participation rate is 67.0%, which is equivalent to 0.67.
Size of the labor force = Labor force participation rate * Adult, noninstitutionalized, nonmilitary population
Size of the labor force = 0.67 * 218 million
Size of the labor force ≈ 145.66 million
Therefore, the size of the labor force is approximately 145.66 million.
To calculate the size of the labor force, we can use the formula:
Labor Force = Labor Force Participation Rate * Adult, noninstitutionalized, nonmilitary population
Given that the labor force participation rate is 67.0% and the adult, noninstitutionalized, nonmilitary population is 218 million, we can plug these values into the formula:
Labor Force = 0.67 * 218 million
Calculating this, we get:
Labor Force = 145.86 million
Therefore, the size of the labor force is approximately 145.86 million.