Answer:
(a) The participation rate.
94%
(b) The size of the labor force.
58.33 million
(c) The number of employed workers.
54.83 million
(d) The Employment-Population rate.
45.70%
Explanation:
(a)
Participation rate = ( Number of Employed People / Labor force) x 100
Participation rate = ( 54.83 / 58.33 ) x 100
Participation rate = 94%
(b)
Unemployment rate = ( Unemployed People / Labor force ) x 100
6% = 3.5 million / Labor force
Labor force = 3.5 million / 6%
Labor force = 58.33 million
(c)
Number of Employed People = Labor force - Unemployed people
Number of Employed People = 58.33 - 3.5 = 54.83 million
(d)
The Employment-Population rate = ( Number of Employed People / Working age population ) x 100 = ( 54.83 / 120 ) x 100 = 45.7%
