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

Question

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

Quizplus · Accepted Answer

The labor force participation rate is the percentage of the population that is either employed or actively seeking employment. If the labor force participation rate is 70%, it means that 70% of the population is part of the labor force. Therefore, the labor force can be calculated as: 
Labor force = (Population × Labor force participation rate) 
Labor force = (1500 million × 0.70) 
Labor force = 105 million 
Therefore, the best choice is C, which is 105 million.

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