Based on the information in the table below, calculate the labor force participation rate, and the percentage or workers out of the labor force:Total adult population over the age of 1683 millionTotal in the labor force63 millionTotal Employed60 millionTotal Unemployed3 millionTotal out of the labor force20 millionGroup of answer choicesParticipation rate: 24.1%, Out of the labor force: 92.5%Participation rate: 75.9%; Out of the labor force: 24.1%Participation rate: 5%,Out of the labor force: 15%Participation rate: 24.1%, Out of the labor force:75.9%

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Answered: Based on the information in the table…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Based on the information in the table below, calculate the labor force participation rate, and the percentage or workers out of the labor force:

Total adult population over the age of 16	83 million
Total in the labor force	63 million
Total Employed	60 million
Total Unemployed	3 million
Total out of the labor force	20 million

Group of answer choices

Participation rate: 24.1%, Out of the labor force: 92.5%

Participation rate: 75.9%; Out of the labor force: 24.1%

Participation rate: 5%,Out of the labor force: 15%

Participation rate: 24.1%, Out of the labor force:75.9%

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