Question : The Labor Force Participation Rate (LFPR) is calculated as the percentage of:
Option 1: Employed individuals in the working-age population
Option 2: Unemployed individuals in the working-age population
Option 3: Employed individuals in the total population
Option 4: Unemployed individuals in the total population
Correct Answer: Employed individuals in the working-age population
Solution : The correct answer is (a) Employed individuals in the working-age population
The Labor Force Participation Rate (LFPR) is calculated as the percentage of employed individuals in the working-age population.
The working-age population refers to individuals who are of working age, typically defined as those above a certain minimum age (often 15 or 16 years) and below the age of retirement (which varies by country). It includes individuals who are either employed or actively seeking employment.
To calculate the LFPR, the number of employed individuals is divided by the working-age population and multiplied by 100 to express it as a percentage.
It's important to note that the LFPR focuses on the employed individuals in the working-age population and does not take into account the number of unemployed individuals or those who are not actively seeking employment.
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