Answer :
The labor force participation rate of this economy, based on the information provided, is 50%.
The labor force participation rate, we need to determine the number of individuals in the labor force divided by the total working-age population. The labor force consists of individuals who are employed or actively seeking employment.
Rajiv - actively seeking employment
Simone - actively seeking employment
Yakov - discouraged and not actively seeking employment
Dina - actively seeking employment
Charles - employed as a lifeguard
Ana - not part of the labor force (student, not seeking employment)
The labor force participation rate formula is:
Labor Force Participation Rate = (Labor Force / Working-Age Population) x 100
Since Ana is not part of the labor force and Yakov has given up on his job search, the labor force would consist of Rajiv, Simone, and Dina (3 individuals). The working-age population would include all six individuals.
Labor Force Participation Rate = (3 / 6) x 100 = 50%
To learn more about labor force refer here:
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