1.23 The labour force participation rate refers to
[1] The skills, knowledge and other acquired characteristics of workers that make them more productive.
[2] An organisational unit where the pricing and allocation of labour are governed by a set of administrative rules rather than by market forces.
[3] The inferior treatment of some workers with respect to employment, promotion and wages.
[4] The percentage of the population of working age that furnishes its labour to produce economic goods and services, whether employed or not.
[5] The potential labour force only.
The labour force participation rate is calculated by expressing the number of persons in the labour force as a percentage of the working-age population. The labour force is the sum of the number of persons employed and the number of persons unemployed.
So, the correct answer is [4].
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