**Labor Force Participation Rate Calculation**In this exercise, we are asked to determine the labor force participation rate given the following data:- Unemployed people: 21- Employed people: 193- People considered not part of the labor force: 48**Task:**Calculate the labor force participation rate and enter the result as a percentage (rounded to two decimal places), without using the percentage sign (%).**Instructions:**The labor force participation rate is calculated using the formula:\[ \text{Labor Force Participation Rate} = \left( \frac{\text{Employed} + \text{Unemployed}}{\text{Employed} + \text{Unemployed} + \text{Not in Labor Force}} \right) \times 100 \]1. Calculate the total labor force (Employed + Unemployed).2. Calculate the total population considered (Employed + Unemployed + Not in Labor Force).3. Use the formula to find the labor force participation rate.4. Round your answer to two decimal places.5. Enter the number without a percentage sign in the provided box.(There are no graphs or diagrams to explain in this task.)

Answered: There are 21 unemployed be not part of…

Business

Economics

There are 21 unemployed be not part of the labor for

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

**Labor Force Participation Rate Calculation**

In this exercise, we are asked to determine the labor force participation rate given the following data:

- Unemployed people: 21
- Employed people: 193
- People considered not part of the labor force: 48

**Task:**
Calculate the labor force participation rate and enter the result as a percentage (rounded to two decimal places), without using the percentage sign (%).

**Instructions:**

The labor force participation rate is calculated using the formula:

\[ \text{Labor Force Participation Rate} = \left( \frac{\text{Employed} + \text{Unemployed}}{\text{Employed} + \text{Unemployed} + \text{Not in Labor Force}} \right) \times 100 \]

1. Calculate the total labor force (Employed + Unemployed).
2. Calculate the total population considered (Employed + Unemployed + Not in Labor Force).
3. Use the formula to find the labor force participation rate.
4. Round your answer to two decimal places.
5. Enter the number without a percentage sign in the provided box.

(There are no graphs or diagrams to explain in this task.)

Expert Solution

Step 1

The labor force in an economy consists of all those people who are employed as well as unemployed. However, another category that forms a part of the total adult, working age population is the out of labor force people.

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