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Suppose that you are given the following information: Total Population 300 million Adult, noninstitutionalized, nonmilitary population 201 million Unemployed adults 7 million a

Economics Apr 01, 2021

Suppose that you are given the following information:

Total Population 300 million

Adult, noninstitutionalized, nonmilitary population 201 million

Unemployed adults 7 million

a. If the labor force participation rate is 66.0 %, calculate the size of the labor force _____million.

(Enter your response rounded to one decimal place.)

Expert Solution

Computation of Labor Force Participation Rate:

Labor Force Participation Rate = Labor Force / Working-age Adult Population

0.66 = Labor Force / 201 million

Labor force = 201 million * 0.66 = 132.66 million

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