Question

In 2016 the Bureau of Labor Statistics reported that there were 62.2 million people over age 25 whose highest level of education was a high school degree or equivalent. Of these, 33.7 million were employed and 1.8 million were unemployed. What were the labor-force participation rate and the unemployment rate for this group?

a. 54.2% and 2.9%
b. 54.2% and 5.1%
c. 57% and 2.9%
d. 57% and 5.1%

Answer 1

1. Answer:

d. 57% and 5.1%

Explanation:

Labor force participation:

Total population above 25 years: 62.2  million

Employees              :  33. 7 million

Unemployed:     : 1.8 million

labor force = employed + unemployed

=33.7 + 1.8 million = 35. 5 million

percentage of labor force= 35.5/62.2 x 100

        = 57.0739

                                            =57%

percentage of unemployed= unemployed/labor force x 100

           = 1.8/35.5 x 100

      =5.07

                                                 =5.1 %