In the context of labour market of an economy, consider the following statements : 1. Labour Force Participation Rate is defined as the share of employed and unemployed workers to the total working-age population. 2. Worker Population Ratio is defined as the share of unemployed workers to the total working-age population. 3. The usual activity status of a person is determined on the basis of the activities pursued by the person during the specified reference period of the last 365 days preceding the date of survey. Which of the statements given above is/are correct?
1 and 3 only
Statement 1: Labour Force Participation Rate (LFPR) is defined as the percentage of persons in the labour force (that is, both employed and unemployed persons seeking or available for work) to the total working-age population. This statement is correct.
Statement 2: Worker Population Ratio (WPR) is defined as the percentage of employed persons, not unemployed persons, to the total population. This statement is incorrect.
Statement 3: The usual activity status of a person is determined based on the activities pursued during a reference period of the preceding 365 days from the date of survey, which is a longer-duration status used alongside current weekly and daily status measures. This statement is correct.
Hence, the answer is that statements 1 and 3 are correct.
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