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Chapter 7: Q.70 (page 457)

In the language of government statistics, you are 鈥渋n the labor force鈥� if you are available for work and either working or actively seeking work. The unemployment rate is the proportion of the labor force (not of the entire population) who are unemployed. Here are data from the Current Population Survey for the civilian population aged 25years and over in a recent year. The table entries are counted by thousands of people.

Unemployment (5.1) What is the probability that a randomly chosen person 25 years of age or older is in the labor force? Show your work.

Short Answer

Expert verified

From the given information the required probability is0.6704

Step by step solution

01

Given Information

It is given in the question that,

02

Explanation

Know that probability can be calculated by dividing the number of favorable outcomes by the number of possible outcomes:

To find the required probability, divide the sum of all people in the labor force by the total population.

Therefore, the needed probability is:

Number of favorable outcomesNumber of possible outcomes=12470+37834+34439+4039027669+59860+47556+51582=125133186667=0.6704

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Most popular questions from this chapter

Airline passengers get heavier In response to the increasing weight of airline passengers, the Federal Aviation Administration (FAA) in 2003told airlines to assume that passengers average 190pounds in the summer, including clothes and carry-on baggage. But passengers vary, and the FAA did not specify a standard deviation. A reasonable standard deviation is 35pounds. Weights are not Normally distributed, especially when the population includes both men and women, but they are not very non-Normal. A commuter plane carries 30passengers.

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