1. In a country with 200 million people aged 16 years and older, 120 million are in the labor force, and 114 million are employed, what is the participation rate?
2. In a country with 200 million people aged 16 years and older, 120 million in the laborforce, and 114 million employed, what is the unemployment rate?
Question 1
Working-age population = 200 million
Labor force = 120 million
Calculate the participation rate -
Participation rate = (Labor force/Working-age population) * 100
Participation rate = (120 million/200 million) * 100
Participation rate = 60
The participation rate is 60 percent.
Question 2
Labor force = 120 million
Employed = 114 million
Unemployed = Labor force - Employed = 120 million - 114 million = 6 million
Calculate the unemployment rate -
Unemployment rate = (Unemployed/Labor force) * 100
Unemployment rate = (6 million/120 million) * 100 = 5%
The unemployment rate is 5 percent.
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