Statistics Help
Question: 13. Suppose the Bureau of Labor Statistics announced that in August, 2012, of all Massbaylians, 156,024,000 were employed, 4,765,000 were unemployed, and 84,420,000 were not in the labor force. Please calculate (8 pts)
a. The Adult population of Massbaylia (2pts)
b. the labor force of Massbaylia (2 pts)
c. the labor-force participation rate of Massbaylia (2 pts)
d. The Unemployment Rate of Massbaylia (2 pts)
Edit
Answer: a) adult population= employed + unemployed + not in labour force=
156,024,000+ 4,765,000 + 84,420,000= 245209000
b) the labor force of Massbaylia= employed + unemployed= 156,024,000+
4,765,000= 160789000
c) the labor-force participation rate of Massbaylia= labour force / population=
160789000/245209000= 65.57%
d. The Unemployment Rate of Massbaylia= unemployed / labour force=
4,765,000/ 160789000= 2.9% Edit
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