Please answer 4 attached questions.
table attached in xls file.
1. Labor force participation rate is defined to be the proportion of non-institutionalized working-age population that is a part of the actual labor force. That is,
Labor Force Participation Rate = (Total Labor Force / Total Non-Institutionalized Working Age Population) * 100.
When I say non-institutionalized it means all people who are not a part of the armed forces, or are serving their sentences in a prison, or are in hospitals. Working age population includes all people in the age group 16-65. The definition of working age population has varied across time, but as of today it is the age group 16-65.
According to cell G23, the labor force participation rate today is 65.4%, that is 65.4% of all non-institutionalized working age population is a part of the labor force, that is for every 100 such people 65.4 are either employed or are unemployed but are looking for a job.
2. As stated above the definition of the labor force participation rate includes the total labor force as the numerator and the total non-institutionalized working age population as the denominator. Changes can be brought to this rate by changes in either of the two. Our population has been rising, and has actually grown about 50% in the stated period (from 209 million to 307 million), and the working age population has grown by a slightly smaller number. But, in the same period labor ...
Labor Force Participation Rate is assessed.