Question

ssignment Attempts: Score: / 3 3. Problems and Applications Q1 In 2012, the Bureau of Labor Statistics (BLS) announced that of all adult Americans, 142,496,000 were employed, 12,506,000 were unemployed, and 88,310,000 were not in the labor force. What is the adult population? 243,312,000 155,002,000 142,496,000 12,506,000 The size of the labor force is , and the labor force participation rate is . What is the unemployment rate? 8.8% 57.0% 8.1% 5.1%

Answer 1

Answer and Explanation:

The computation is shown below:

1. Total adult population is

= Employed + Unemployed +  Not in labor force

= 142,496,000 + 12,506,000 + 88,310,000

= 243,312,000

2. The size of the labor force is

= Employed + Unemployed

= 142,496,000+ 12,506,000

= 155,002,000

3. Labor force participation rate is

= Labor force ÷ adult population × 100  

= 155,002,000 ÷ 243,312,000 × 100

= 63.705 %

4. Unemployment rate is

= Unemployed ÷ labor force × 100

= 12,506,000 ÷ 155,002,000 × 100

= 8.06 % or 8.1% (approx)

We simply applied the above formulas