ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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T
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F
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Either A or B
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None of the above
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Detailed explanation-1: -The labor force includes all people age 16 and older who are classified as either employed and unemployed, as defined below. Conceptually, the labor force level is the number of people who are either working or actively looking for work.
Detailed explanation-2: -Who is in the Labor Force? Persons “in the labor force” are those in the civilian noninstitutional population, age sixteen years or older, who are employed or who are unemployed and seeking employment.
Detailed explanation-3: -The labor force is the sum of employed and unemployed persons. The labor force participation rate is the labor force as a percent of the civilian noninstitutional population.
Detailed explanation-4: -As defined in international standards (19th ICLS, 2013), the labour force captures those persons of working age who are actively engaged in the labour market. It is the sum of persons employed and the unemployed.