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If the labour force consists of 6,000 people and the working age population is 10,000, what is the labour force participation rate?Multiple choice question.6%167%1.67%60%

Question

If the labour force consists of 6,000 people and the working age population is 10,000, what is the labour force participation rate?Multiple choice question.6%167%1.67%60%

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Solution

The labour force participation rate is calculated as the labour force divided by the working age population, then multiplied by 100 to get a percentage.

Here's how you can calculate it:

  1. Divide the labour force by the working age population. In this case, that's 6000 divided by 10000, which equals 0.6.

  2. Multiply the result by 100 to get a percentage. 0.6 times 100 equals 60.

So, the labour force participation rate is 60%.

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