If the number employed is 11 million, the number unemployed is 0.6 million, and the working-age population is 16 million, then the labour force participation rate is:

Question

Quizplus · Accepted Answer

The labour force participation rate is calculated as the labour force divided by the working-age population, then multiplied by 100 to get a percentage. The labour force is the sum of employed and unemployed individuals, which is 11 million + 0.6 million = 11.6 million. The working-age population is 16 million. Therefore, the labour force participation rate is (11.6 million / 16 million) * 100 = 72.5%.

If the Number Employed Is 11 Million, the Number Unemployed