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25 December, 15:32

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

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  1. 25 December, 16:14
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    45.30% and 8.14%

    Explanation:

    Data given in the question

    Number of people over age 25 = 28.19 million

    Employed people = 11.73 million

    Unemployed people = 1.04 million

    So, by considering the above information, the

    Labor force participation rate is

    = Labor force participation : Adult population

    where,

    Labor force participation rate is

    = 11.73 million + 1.04 million

    = 12.77 million

    And, the adult population is 28.19 million

    So, the labor force participation rate is

    = 12.77 million : 28.19 million

    = 45.30%

    And, the unemployment rate is

    = Number of unemployment persons : labor force

    = 1.04 million : 12.77 million

    = 8.14%
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