Question

In 1995, the percentage of the labor force that belonged to a union was 14.9. If...

In 1995, the percentage of the labor force that belonged to a union was 14.9. If five workers had been randomly chosen in that year, what is the probability that none of them would have belonged to a union? Compare your answer to what it would be for the year 1945, when an all-time high of 35.5 percent of the labor force belonged to a union.

Homework Answers

Answer #1

SOLUTION:

From given data,

In 1995, the percentage of the labor force that belonged to a union was 14.9. If five workers had been randomly chosen in that year, what is the probability that none of them would have belonged to a union? Compare your answer to what it would be for the year 1945, when an all-time high of 35.5 percent of the labor force belonged to a union.

Where ,

14.9 = 14.9 / 100 = 0.149 then

(1-0.149) =0.851

is probability that a person didn't belong to a union.

So for five workers it would be

0.8515= 0.446.

Now consider,

35.5 percent = 35.5 / 100 = 0.355 then

(1-0.355)= 0.645

For five workers

0.6455= 0.1116

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What would happen to the labor-force participation rate if the following situations occured? a. A large...
What would happen to the labor-force participation rate if the following situations occured? a. A large percentage of the workforce retires. b. The government begins to subsidize current workers who go back to school full-time to attain an advanced degree. c. The government offers a tranfer paymwnt to discouraged workers and to unemployed workers.
The table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment...
The table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment 3% Natural rate of unemployment 4% Population of the country 125 million Number of people employed 97 million Number of people unemployed 3 million Number of people employed part time 5 million Number of people discouraged workers 2 million Calculate the size of the labor force. Calculate the labor force participation rate. Show your work. Given the state of the economy described in the...
Weekly paycheck: The Bureau of Labor Statistics reported that in a recent year, the median weekly...
Weekly paycheck: The Bureau of Labor Statistics reported that in a recent year, the median weekly earnings for people employed full time in the United States was $755. a) What proportion of full-time employees had weekly earnings of more than $755? b) A sample of 150 full-time employees is chosen. What is the probability that more than 55% of them earned more than $755 per week? c) What is the probability that less than 60% of the sample of 150...
1. After years of working without a union, employees of Argenta Associates began organizing for a...
1. After years of working without a union, employees of Argenta Associates began organizing for a representation election. Management did not try to prevent the employees from passing out leaflets or making speeches on company property, but the company president did send out a notice to all employees stating that in his opinion, they would be better off without a union. A week before the election, he sent another notice, stating that effective immediately, each employee would be entitled to...
Labor Relations- Chapter- C o l l e c t i v e B a r...
Labor Relations- Chapter- C o l l e c t i v e B a r g a i n i n g R i g h t s Case study- Gros Morne Electric Gros Morne Electric is an electrical contractor that does work in the residential construction industry. All of the company’s work comes from non-union general contractors. The company pays wages that are approximately 20 percent lower than the union rate of pay. The International Brotherhood of Electrical...
1. The company you work for has traditionally been known for cooperative labor-management relations. Recently your...
1. The company you work for has traditionally been known for cooperative labor-management relations. Recently your company purchased a facility from a competitor in a “right to work” state. The labor-management relations at that facility were confrontational. Every year the facility experienced a strike before a new contract could be agreed upon. Top management has asked you to oversee that facility and improve labor relations there. After careful consideration, you decide to (select all that apply): a. Hold a meeting...
A -In one of Arizona’s lotteries, balls are numbered 1 through 35. Five balls are randomly...
A -In one of Arizona’s lotteries, balls are numbered 1 through 35. Five balls are randomly selected without replacement. The order of the selection does not matter. To win, your numbers must match the ones selected. Find the probability of winning this lottery. Either round the probability to 3 significant digits or express your answer as a fraction. B. The distribution for ages of licensed drivers has a mean of 44.5 years and a standard deviation of 17.1 years. Assuming...
8. What is the difference between being unemployed and being out of the labor force? 9....
8. What is the difference between being unemployed and being out of the labor force? 9. How do you calculate the unemployment rate? How do you calculate the labor force participation rate? 23. What forces create the natural rate of unemployment for an economy? 26. What is frictional unemployment? Give examples of frictional unemployment. 27. What is structural unemployment? Give examples of structural unemployment. 29. What type of unemployment (cyclical, frictional, or structural) applies to each of the following: a....
Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave...
Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply. a)They are counted as part of the labor force by the Bureau of Labor Statistics. b)They have not looked for a job in 4 weeks (or longer), but they would like a job and are available for work. c)They are employed workers who want to earn higher wages. d)They are full-time workers who would like...
In a recent year, according to the Bureau of Labor Statistics, the median number of years...
In a recent year, according to the Bureau of Labor Statistics, the median number of years that wage and salary workers had been with their current employer (called employee tenure) was 3.5 years. Information on employee tenure has been gathered since the early 1950's using the Current Population Survey (CPS), a monthly survey of 50,000 households that provides information on employment, unemployment, earnings, demographics, and other characteristics of the U. S. population. With respect to employee tenure, the questions measure...