Question

In 2016 the Bureau of Labor Statistics reported that there were 71.9 million people over age 25 who had at least a bachelor’s degree. Of these 52.1 million were employed and 1.3 million were unemployed. What were the labor-force participation rate and the unemployment rate for this group? a. 72.5% and 1.8% b. 72.5% and 2.4% c. 74.3% and 1.8%

Answer 1

a. 72.5% and 1.8%

Step-by-step explanation:

The computation of the labor-force is computed by applying the formula which is shown below

= (Employed people ÷ total population) × 100

= (52.1 million ÷ 71.9 million) × 100

= 72.46%

The computation of the unemployment rate is computed by applying the formula which is shown below

= (Unemployed people ÷ total population) × 100

= (1.3 million ÷ 71.9 million) × 100

= 1.80%