Answer:
Country X has a labor force of 32,000,000, a labor force participation rate of 64%, and an unemployment rate of 7.3%.
Labor force:
= Unemployed people + Employed
Unemployed people here are those looking for jobs.
= 2,336,000 + 29,64,000
= 32,000,000 people
Labor force participation rate:
= Labor Force / Population of working age
= 32,000,000/50,000,000
= 64%
Unemployment rate:
= Unemployed / Labor force
= 2,336,000/ 32,000,000
= 7.3%
Country X has a labor force of 32 million, a labor force participation rate of 64 %, and an unemployment rate of 7.3%.
Labor Force:
They are those people in the country that can work.
Labor force = Unemployed people + Employed
Unemployed people are those looking for jobs.
Labour force = 2,336,000 + 29,64,000
Labor force = 32,000,000 people
Labor Force Participation Rate:
The percentage of labor force in working age in the country.
[tex]\bold {Labor\ force\ participation\ rate =\dfrac {Labor\ Force} {Population\ of\ working\ age}}\\\bold {=\dfrac { 32,000,000}{50,000,000}\times 100 = 64}[/tex]
= 64%
Unemployment rate:
It is the percentage of employed people to the population of the country.
[tex]\bold {Unemployment\ rate= \dfrac {Unemployed} { Labor\ force}}\\\\\bold = {\dfrac {2,336,000}{ 32,000,000}\times 100}\\\\= 7.3%[/tex]
= 7.3%
Therefore, The unemployment rate in the country is 7.3%.
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