Practice Quiz

CLEP Principles of Macroeconomics Exam Prep

Category - Macroeconomics

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Look at the following data set:

Total population = 60 million

Persons of proper working age (16-65) = 30 million

Persons employed = 20 million

Persons actively looking for work = 2 million

What 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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