Question

The labor force participation rate is the number of people in the labor force divided by the number of people in the country who are of working age and not institutionalized. The BLS reported in February 2012 that the labor force participation rate in the United States was 63.7% (Calculatedrisk.com). A marketing company asks 210 working-age people if they either have a job or are looking for a job, or, in other words, whether they are in the labor force.

What is the probability that fewer than 60% of those surveyed are members of the labor force?

a. 0.1324

b. 0.1996

c. 0.7995

d. 0.8676

Answer #1

Solution

Given that,

p = 0.637

1 - p = 1 -0.637 = 0.363

n = 210

= p =p = 0.637

= [p ( 1 - p ) / n] = [0.637*(0.363) /210 ] = 0.03318

P( < 0.60)

= P[( - ) / < (0.60 -0.637) /0.03318 ]

= P(z < -1.115)

= 0.1324

probability = 0.1324

Answer = a) 0.1324

The labor force participation rate is the number of people in
the labor force divided by the number of people in the country who
are of working age and not institutionalized. The BLS reported in
February 2012 that the labor force participation rate in the United
States was 63.7% (Calculatedrisk.com). A marketing company asks 120
working-age people if they either have a job or are looking for a
job, or, in other words, whether they are in the labor force....

The labor force participation rate is the number of people in
the labor force divided by the number of people in the country who
are of working age and not institutionalized. The BLS reported in
February 2012 that the labor force participation rate in the United
States was 63.7% (Calculatedrisk.com). A marketing company asks 120
working-age people if they either have a job or are looking for a
job, or, in other words, whether they are in the labor force....

The labor force participation rate is calculated as
the #randomize
A.labor force divided by the number of persons employed then
multiplied by 100
B. number of persons unemployed divided by the labor force then
multiplied by 100
C. labor force divided by the unemployment rate then multiplied by
100

The labor force participation rate was 63.7%. A marketing
company asks 120 working-age people if they either have a job or
are looking for a job. What is the probability that less than 60%
of those surveyed are members of the labor force? with sketch
A professor has given the same multiple choice final exam in
his Economics class for many years. After examining his records
from the past 10 years, he finds that the scores have a mean of...

Sampling, Confidence Intervals, Sample Sizes
SKETCH Required. PLACE ANSWER WITH PROBABILITY NOTATION IN
RECTANGE.
3) A professor has given the same multiple choice final exam
in his Economics class for many years. After examining his records
from the past 10 years, he finds that the scores have a mean of 76
and a population standard deviation of 12. The professor offers his
class of 36 a pizza party if the class average is above 80. What is
the probability that...

2. Problems and Applications Q2
Indicate what happens to the unemployment rate and the
labor-force participation rate in each of the following
scenarios.
Scenario
Effect On...
Unemployment Rate
Labor-Force Participation Rate
After an
unsuccessful job search, Paolo gives up looking and retires.
Decreases
Decreases
Sharon, a
stay-at-home mom, starts looking for a job as her kid enters
elementary school.
Van has a birthday,
becomes an adult, and starts working in a restaurant.
Amy dies working
long hours at the office.

The number of unemployed workers is 20 million and the labor
force participation rate 70 percent. Suppose the size of the
working-age population in this economy is 500 million. The number
of employed workers in the economy is
(330 million this answer is wrong!!!)

An economy has a working age population of 750. The size of the
labor force is 520 and 440 people are employed.
e) Recalculate the unemployment rate, labor force participation
rate, and employment population
ratio after the following events:
i) Someone looking for a job becomes discouraged and quits
looking
ii) Someone retires
iii) Someone looking for a job gets a job
e) Explain how a falling unemployment rate can be a sign of...

Which of the following would cause a decline in the labor force
participation rate?
An increase in the number of discouraged workers in the
country.
Many employed workers get laid off and now are looking for new
jobs.
High wages entice retirees (those outside the labor force) to
begin searching for work.
A decrease in the unemployment rate.

1. Measuring employment, unemployment, and labor force
participation
Consider a small economy composed of six people: Paolo, Sharon,
Van, Amy, Deborah, and Carlos. Each person's employment status is
described in the following table.
Based on the criteria used by the Bureau of Labor Statistics
(BLS), identify each person’s status as employed, unemployed, “not
in the labor force” (if not in the civilian labor force but still
part of the adult population), or “not in the adult population” if
not in...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 5 minutes ago

asked 34 minutes ago

asked 1 hour ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago

asked 3 hours ago

asked 3 hours ago

asked 3 hours ago

asked 3 hours ago