Consider an economy with an adult population of 100,50 of whom hold jobs,10 of whom are looking for work,and 15 of whom are retired.The labor force participation rate is _____.
A)100 percent
B)60 percent
C)50 percent
D)40 percent
E)10 percent

Question

Quizplus · Accepted Answer

The labor force participation rate is calculated by the following formula:
Labor force participation rate = (Labor Force / Adult Population) * 100%
In this case, the labor force includes those who hold jobs and those who are looking for work, which is a total of 50 + 10 = 60 people.
Therefore, the labor force participation rate is (60 / 100) * 100% = 60%.

Consider an Economy with an Adult Population of 100,50 of Whom