Table 10-3 2010 Labor Data for Adults (Age 16 and Older) in Older)

question 520

Multiple Choice

Table 10-3
2010 Labor Data for Adults (age 16 and older) in Meditor

-Refer to Table 10-3. What is the adult labor-force participation rate in Meditor?

• A) 37.5 percent
• B) 62.5 percent
• C) 66.7 percent
• D) 95.8 percent

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Definitions:

Labor Supplied

The total hours that workers are willing to work at a given wage rate, representing the workforce availability in the economy.

Labor Demanded

The total amount of workers that employers in the economy want to hire at a given wage level and time period.

Labor-Force Participation

the ratio of the number of individuals who are working or actively looking for work to the total number of individuals eligible to participate in the workforce.

Bureau of Labor Statistics

An agency of the U.S. government tasked with gathering, examining, and distributing vital data concerning labor market dynamics, employment environments, and fluctuations in prices.