Question

question 12
suppose that the bureau of labor statistics reported that there were 62 million people over age 25 whose highest level of education was some college or an associate degree. of these, 45.3 million were employed and 3.6 million were unemployed. what were the labor-force participation rate and the unemployment rate for this group?
○ 78.9% and 7.4%
○ 126.8% and 7.4%
○ 7.4% and 78.9%
○ 78.9% and 126.8%

Explanation:

Step1: Calculate Labor Force

Labor Force = Employed + Unemployed = \( 45.3 + 3.6 = 48.9 \) million.

Step2: Labor - Force Participation Rate

Labor - Force Participation Rate = \( \frac{\text{Labor Force}}{\text{Total Population (over 25 with relevant education)}} \times 100\%=\frac{48.9}{62}\times 100\% \approx 78.9\% \)

Step3: Unemployment Rate

Unemployment Rate = \( \frac{\text{Unemployed}}{\text{Labor Force}} \times 100\%=\frac{3.6}{48.9}\times 100\% \approx 7.4\% \)

Answer:

A. 78.9% and 7.4%