Question

1. You can use a calculator to answer this question - an actual calculator or the...

1. You can use a calculator to answer this question - an actual calculator or the calculator on your phone. Either is fine.

Assume that

  • U.S. population is 328 million people
    • 70 million individuals are legally classified as unable to work (are less than 16 years of age, institutionalized, or in the military)
    • 96 million who could be working are classified as uninterested working
    • 7 million are classified as unemployed

Given this information, what is the employment to population ratio?

State your answer as a percentage (type in the percentage symbol), and round to one decimal place, i.e. xx.x%

2. You can use a calculator to answer this question - an actual calculator or the calculator on your phone. Either is fine.

Assume that

  • U.S. population is 328 million people
    • 70 million individuals are legally classified as unable to work (are less than 16 years of age, institutionalized, or in the military)
    • 96 million who could be working are classified as uninterested working
    • 7 million are classified as unemployed

Given this information, what is the labor force participation rate?

State your answer as a percentage (type in the percentage symbol), and round to one decimal place, i.e. xx.x%

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Homework Answers

Answer #1

1.

Non-institutionalized civilian population

U.S. population less population under 16 years, institutionalized or in military service= 328 million -70 million=258 million.

Not in labor force= 258 million - 96 million= 162 million.

Population who have not looked for work in recent times are not counted in the labor force.

Unemployed = 7 million.

Employed = 162 million - 7 million= 155 million.

2. LFPR = Labor Force / Civilian Non-Institutionalized Population

where the Labor Force = Employed + Unemployed

Labor force = Employed + Unemployed= 155 million + 7 million= 162 million.

Non-institutionalized civilian population= 258 million.

LFPR= 162/258=0.6.

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