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liubo4ka [24]
3 years ago
12

The Bureau of Labor Statistics reported in 2005 that there were 28.19 million people over age 25 who had no high school degree o

r its equivalent, 11.73 million of whom were employed and 1.04 million of whom were unemployed. What were the labor-force participation rate and the unemployment rate for this group?
A) 45.3% and 3.7%B) 45.3% and 8.1%C) 41.6% and 3.7%D) 41.6% and 8.1%
Business
1 answer:
Anuta_ua [19.1K]3 years ago
3 0

Answer: Option (B) is correct.

Explanation:

Given that,

Total population of group = 28.19 million

Employed = 11.73 million

Unemployed = 1.04 million

Total labor force = Employed + Unemployed

                            = 11.73 million + 1.04 million

                            = 12.77 million

Labor-force participation rate = \frac{Total\ Labor\ Force}{Total\ Population} \times 100

                                                  = \frac{12.77}{28.19} \times 100

                                                  = 45.29%

                                                   = 45.3%

Unemployment rate = \frac{Unemployed}{Total\ Labor\ Force} \times 100

                                  =  \frac{1.04}{12.77} \times 100

                                  = 8.14%

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