Assume the following data for a country: Category Number of People, Millions Total population 500 Population under 16 years of age or institutionalized 120 Not in the labor force 150 Unemployed 23 Part-time workers looking for full-time jobs 10 Instructions: Enter your answers as a whole number. a. What is the size of the labor force

230 people

Explanation:

a. What is the size of the labor force

The labor force is the sum of the number of employed and unemployed, unemployed meaning people who lack employment, but who want to work, and are looking for a job.

First we substract the people that is not in the labor force, and those under 16 years of age from the total population: 500 - 120 - 150 = 230.

Of this figure, 150 people are unemployed, 23 are part time workers looking for full time employment (they are employed), and the rest: are 57 employed people.

So the size of the labor force is effectively 230 people.

lots of credit card rewards