Consider an economy made up of 100 people,60 of whom hold jobs,10 of whom are looking for work,and 15 of whom are retired.The number of people in the labor force is

Name: Consider an economy made up of 100 people,60 of whom hold jobs,10 of whom are looking for work,and 15 of whom are retired.The number of people in the labor force is
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Quizplus · Accepted Answer

The labor force includes those who are employed and those who are actively looking for work. Therefore, the labor force is 60 (employed) + 10 (looking for work) = 70.

Consider an Economy Made Up of 100 People,60 of Whom