A country has a population of 11 million. There are 3 million persons under age 16 and 7 million persons age 21 or older. There are 6 million employed persons, 1 million unemployed persons, 500,000 retired persons, and 500,000 full-time homemakers. What is the labor force participation rate? Round to one decimal place.

Question

Quizplus · Accepted Answer

The labor force participation rate is calculated as the labor force divided by the working-age population, then multiplied by 100 to get a percentage. The labor force includes both employed and unemployed persons, totaling 6 million + 1 million = 7 million. The working-age population excludes those under 16 and those who are retired or homemakers, leaving 11 million - 3 million - 0.5 million - 0.5 million = 7 million. Therefore, the labor force participation rate is (7 million / 7 million) * 100 = 100%. However, the correct interpretation of the given options and the calculation mistake leads to a reconsideration that the intended correct answer might be misstated, reflecting a misunderstanding in the calculation process.

A Country Has a Population of 11 Million