Question

based on the information in the table below, calculate the labor force participation rate, and the percentage or workers out of the labor force: total adult population over the age of 16: 83 million total in the labor force: 63 million total employed: 60 million total unemployed: 3 million total out of the labor force: 20 million participation rate: 75.9%; out of the labor force: 24.1% participation rate: 24.1%, out of the labor force:75.9% participation rate: 24.1%, out of the labor force: 92.5% participation rate: 5%,out of the labor force: 15%

Explanation:

Step1: Calculate the labor - force participation rate

The formula for the labor - force participation rate is \(\text{Labor - force participation rate}=\frac{\text{Labor force}}{\text{Adult population}}\times100\%\).
Given that the labor force is \(63\) million and the adult population is \(83\) million.
\(\text{Labor - force participation rate}=\frac{63}{83}\times 100\%\approx75.9\%\)

Step2: Calculate the percentage of workers out of the labor force

The formula for the percentage of workers out of the labor force is \(\text{Percentage out of labor force}=\frac{\text{Out of labor force}}{\text{Adult population}}\times100\%\)
Given that the number of people out of the labor force is \(20\) million and the adult population is \(83\) million.
\(\text{Percentage out of labor force}=\frac{20}{83}\times100\%\approx24.1\%\)

Answer:

Participation rate: \(75.9\%\); Out of the labor force: \(24.1\%\)