In 2014, the Italian adult non-institutionalized population was 38.8 million, the labor force was 25.4 million, and the number of people employed was 22 million. According to these numbers, the Italian labor-force participation rate and unemployment rate were about:

A. 56.7% and 13.4%
B. 65.5% and 8.8%
C. 56.7% and 8.8%
D. 65.5% and 13.4%

Question

High School

Answer :

Skandarsini Skandarsini · Answer 1 · 2024-04-16T18:47:59-04:00

Answer:

The correct answer is option (d) 65.5% for the labor-force participation rate and 13.4% for the unemployment rate.

Explanation:

To calculate the labor-force participation rate and the unemployment rate, we use the following formulas:

Labor-force participation rate = (Labor force / Adult non-institutionalized population) * 100

Unemployment rate = ((Labor force - Number of people employed) / Labor force) * 100

Given the information provided:

Adult non-institutionalized population = 38.8 million

Labor force = 25.4 million

Number of people employed = 22 million

Let's calculate the rates:

Labor-force participation rate = (25.4 million / 38.8 million) * 100 ≈ 65.5%

Unemployment rate = ((25.4 million - 22 million) / 25.4 million) * 100 ≈ 13.4%

The correct answer is option (d):

65.5% for the labor-force participation rate and 13.4% for the unemployment rate.