Concept Question 113 In the economy of Macroland 671 percent

Concept Question 1.13 In the economy of Macroland 67.1 percent of the population is employed, while the unemployment rate is 7.0 percent. Calculate the labor force participation rate Labor Force Participation Ratepercent (Enter your response rounded to one decimal place)

Solution

Solution:-

Suppose population is 100
then Employed=32.9
unemployment rate= (labor force-employed)/labor force
0.07LF=LF- 32.9
0.93LF=32.9
LF=35.38

LFPR=LF/Population
=35.376344/100
=35.38
The LFPR=35.38