Asked by Kamal Kaley on May 07, 2024
Verified
Refer to Table 28-7. Calculate the number in the adult population, and the labor force participation rate.
Adult Population
A demographic group consisting of individuals who have reached the age where they are legally recognized as adults, important for analyses related to labor, voting, and consumption.
Labor Force Participation Rate
The percentage of the working-age population that is working or actively looking for work, indicating the level of active engagement in the labor market.
- Acquire knowledge on the fundamentals of the labor force, unemployment rate, and labor force participation rate.
- Determine the magnitude of the labor force, calculate the unemployment rate, evaluate the labor force participation rate, and assess other significant labor market statistics.
Verified Answer
AA
Andrew AlemanMay 14, 2024
Final Answer :
The adult population is 120 million, and the labor force participation rate is 75%.
Learning Objectives
- Acquire knowledge on the fundamentals of the labor force, unemployment rate, and labor force participation rate.
- Determine the magnitude of the labor force, calculate the unemployment rate, evaluate the labor force participation rate, and assess other significant labor market statistics.