Use the data below to answer the following question: Civilian population 200 million Number employed 120 million Number unemployed 40 million What is the labor force participation rate in this economy? Enter its value (in percentage points) below:

Economics May 08, 2021

Use the data below to answer the following question:
Civilian population
200 million
Number employed
120 million
Number unemployed
40 million
What is the labor force participation rate in this economy? Enter its value (in percentage points)
below:

Expert Solution

Computation of Labor Force Participation Rate:

Labor Force Participation Rate = Total Labor Force / Population * 100

Here,

Total Labor Force = Number Employed + Number Unemployed = 120 million + 40 million = 160 million

Population = 200 million

Labor Force Participation Rate = 160 million / 200 million*100 = 0.80 or 80%

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