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. (a) 1 only
2. (b) 2 only
3. (c) 1 and 3 onlyCorrect answer
4. (d) 1, 2 and 3

Answer: (c)