Practice Quiz

Praxis II: Economics Content Knowledge Exam Prep

Category - Economics

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Look at the following data set:Total population = 60 millionPersons of proper working age (16-65) = 30 millionPersons employed = 20 millionPersons actively looking for work = 2 millionWhat is the size of the labor force for this economy?
  1. 60 million
  2. 52 million
  3. 22 million
  4. 50 million
Explanation
Answer - C - The size of the labor force for this economy is 22 million.

Key Takeaway: According to the United States Department of Labor, the labor force is defined as the number of actual employed individuals, plus the number of people who are actively looking for work. In this scenario, the number of people employed is 20 million + 2 million looking for work = 22 million.
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