Econia has a population of 1 million. Of the total population, 350,000 persons are under age 16. There are 400,000 employed persons and 30,000 unemployed persons. What is the labor force participation rate in Econia? Round the answer to one decimal place.

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Quizplus · Accepted Answer

The labor force participation rate is calculated as the labor force divided by the working-age population (those aged 16 and above) times 100. In Econia, the labor force is the sum of employed and unemployed persons, which is 400,000 + 30,000 = 430,000. The working-age population is the total population minus those under age 16, which is 1,000,000 - 350,000 = 650,000. Therefore, the labor force participation rate is (430,000 / 650,000) * 100 = 66.2%.

Econia Has a Population of 1 Million