The table shows employment statistics for a fictional country. Use the information to answer the questions. Round your percentages to two decimal places.

\begin{tabular}{|c|c|}
\hline
Category & Number of people \\
\hline
Employed & 4505 \\
\hline
Unemployed & 472 \\
\hline
Not in the labor force & 571 \\
\hline
\end{tabular}

1. What is the total labor force?
[tex]\[ 4977 \][/tex]
Correct Answer

2. What is the labor force participation rate?
[tex]\[ 90.52\% \][/tex]
Incorrect Answer

3. What is the unemployment rate?
[tex]\[ 9.48\% \][/tex]
Correct Answer



Answer :

Sure, let's break down the process step by step for each question.

### 1. Total Labor Force
The total labor force is the sum of the employed and the unemployed people.

- Employed: 4505
- Unemployed: 472

To find the total labor force:
[tex]\[ \text{Total labor force} = \text{Employed} + \text{Unemployed} \][/tex]
[tex]\[ \text{Total labor force} = 4505 + 472 = 4977 \][/tex]

So, the total labor force is 4977 people.

### 2. Labor Force Participation Rate
The labor force participation rate is calculated by dividing the total labor force by the total population, then multiplying by 100 to get a percentage.

To find the total population:
[tex]\[ \text{Total population} = \text{Employed} + \text{Unemployed} + \text{Not in labor force} \][/tex]
[tex]\[ \text{Total population} = 4505 + 472 + 571 = 5548 \][/tex]

Now, to find the labor force participation rate:
[tex]\[ \text{Labor force participation rate} = \left( \frac{\text{Total labor force}}{\text{Total population}} \right) \times 100 \][/tex]
[tex]\[ \text{Labor force participation rate} = \left( \frac{4977}{5548} \right) \times 100 \approx 89.71\% \][/tex]

So, the labor force participation rate is approximately 89.71%.

### 3. Unemployment Rate
The unemployment rate is calculated by dividing the number of unemployed people by the total labor force, then multiplying by 100 to get a percentage.

To find the unemployment rate:
[tex]\[ \text{Unemployment rate} = \left( \frac{\text{Unemployed}}{\text{Total labor force}} \right) \times 100 \][/tex]
[tex]\[ \text{Unemployment rate} = \left( \frac{472}{4977} \right) \times 100 \approx 9.48\% \][/tex]

So, the unemployment rate is approximately 9.48%.

Therefore, the correct answers are:
- Total labor force: 4977
- Labor force participation rate: 89.71%
- Unemployment rate: 9.48%