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Consider the country called the "Republic of April"
Consider the country called the "Republic of April". In this country, we have the following information:
Number of people 16 and over: 1,000,000
Number of people in institutions like prison: 60,000
Number of people in the military: 40,000
Number of people working: 520,000
Number of people unemployed: 38,000
What is the labor force participation rate in this country?
Expert Solution
Computation of Labor Force Participation Rate:
Labor Force Participation Rate = Labor force / Civilian working-age population
Here,
Civilian working-age population = 1,000,000 - 60,000 - 40,000 = 900,000
Labor force = Employed + Unemployed = 520,000 + 38,000 = 558,000
Labor force participation rate = 558,000 / 900,000 = 0.62 = 62%
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