Question

labor market data for country y

population (in millions)
population 70
employed 43
unemployed 7
not in labor force 20

based on the information in the table, what is the labor force participation rate for country y?

○ 28.6%
○ 71.4%
○ 61.4%
○ 14%

Explanation:

Step1: Calculate Labor Force

Labor Force = Employed + Unemployed = 43 + 7 = 50 (in millions)

Step2: Calculate Working - Age Population

Working - Age Population = Population - Not in Labor Force? No, actually, Working - Age Population is usually considered as Population (assuming all are of working age here). Wait, the formula for Labor Force Participation Rate (LFPR) is $\text{LFPR}=\frac{\text{Labor Force}}{\text{Working - Age Population}}\times100\%$. And Working - Age Population can be calculated as Employed + Unemployed+Not in Labor Force? Wait, no, the total population is 70, and Not in Labor Force is 20, Employed is 43, Unemployed is 7. Let's check: 43 + 7+20 = 70, which matches the total population. So Working - Age Population is the sum of Labor Force and Not in Labor Force, which is also equal to the total population (since all are part of the population). So Labor Force is 43 + 7 = 50, Working - Age Population is 70 (because 50+20 = 70).

Step3: Calculate LFPR

$\text{LFPR}=\frac{50}{70}\times 100\%\approx71.4\%$

Answer:

71.4% (corresponding to the option "71.4%")