Print loialor estion 6 of 21 Sapling Learning information conceming the fictitio

Question

Print loialor estion 6 of 21 Sapling Learning information conceming the fictitious small island nation of Llamalandia is given in the table below. Use the information in the table to answer the related questions. For the percentages, round your answers to two decimal places Number of employed people 270,815 Number of unemployed people 20,383 Total population over age 16 415,999 1. What is the size of the labor force? 2. How many people are out of the labor force? Number Number 3. What is the unemployment rate? 4. What is the total labor force participation rate? Number Number Check Answer ONed Exi

Explanation / Answer

Answer 1 : Size of the Labour Force = Employed + Unemployed

Size of the Labour Force = 2,70,815+20,383 =2,91,198

Answer 2 : People are out of labour force = Total popoulation above the age of 16 - Total labour force

People are out of labour force = 4,15,999 - 2,91,198 = 1,24,801

Therefore people out of labour force is 1,24,801

Answer 3 : Unemployment Rate = Number of unemployed*100/ Labour force

Unemployment Rate = 20,383*100/ 2,91,198

Unemployment Rate = 6.99% / 7%

Answer 4 : Labour Force particpation rate = Labour force*100/Total Adult population

Labour Force particpation Rate = 2,91,198*100/ 4,15,999

Labour Force particpation Rate = 69.99% / 70%

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