Which of the following statements is INCORRECT?
A) The labor force is equal to the number of people employed plus the number of people unemployed.
B) The working age population includes everyone over the age of 16.
C) The unemployment rate is the number of persons who are unemployed divided by the labor force then times 100.
D) The labor-force participation rate is the labor force divided by the working-age population then times 100.

Question

Quizplus · Accepted Answer

The working age population typically includes those aged 16 and over who are not in institutions such as prisons or care homes and are not on active duty in the Armed Forces. However, it does not include "everyone" over the age of 16, as it excludes certain populations based on institutional status or active military service.

Which of the Following Statements Is INCORRECT