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QUESTION:

Use the following table to answer the question. Numbers are in the millions.

  Total population342.6  
  Adult population222.7  
  Number of unemployed9.4  
  Number of employed135.3  

The labor-force participation rate is _______.

ANSWER:

To calculate the labor-force participation rate, use the formula:

Labor-Force Participation Rate=(Labor ForceAdult Population)×100\text{Labor-Force Participation Rate} = \left( \frac{\text{Labor Force}}{\text{Adult Population}} \right) \times 100

First, we need to determine the labor force, which is the sum of the number of employed and the number of unemployed:

Labor Force=Number of Employed+Number of Unemployed\text{Labor Force} = \text{Number of Employed} + \text{Number of Unemployed}

Labor Force=135.3 million+9.4 million=144.7 million\text{Labor Force} = 135.3 \text{ million} + 9.4 \text{ million} = 144.7 \text{ million}

Now, calculate the labor-force participation rate:

Labor-Force Participation Rate=(144.7 million222.7 million)×100\text{Labor-Force Participation Rate} = \left( \frac{144.7 \text{ million}}{222.7 \text{ million}} \right) \times 100

Labor-Force Participation Rate(0.649)×100=64.9%\text{Labor-Force Participation Rate} \approx \left( 0.649 \right) \times 100 = 64.9\%

Rounding to the nearest whole number, the labor-force participation rate is:

d. 65 percent


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