Use the following to answer questions:
-(Table: Labor Force Data) Use Table: Labor Force Data. Suppose the labor force participation rate is 70%. The labor force is equal to _____ million.
A) 1,200
B) 50
C) 105
D) 400

Question

Use the following to answer questions: 
-(Table: Labor Force Data) Use Table: Labor Force Data. Suppose the labor force participation rate is 70%. The labor force is equal to _____ million.
A) 1,200 
B) 50 
C) 105 
D) 400

Quizplus · Accepted Answer

The labor force participation rate is 70%, which means 70% of the population is in the labor force.

Labor force participation rate = (Labor force / Population) x 100
70% = (Labor force / Population) x 100

Solving for the labor force:
Labor force = (70/100) x Population = 0.7 x Population

From the table, the population is 150 million. 
Labor force = 0.7 x 150 million = 105 million

Therefore, the labor force is equal to 105 million.

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