Question

in 2007 the us labor force was equal to thousands

QUESTION 1 Refer to the data in the table to answer all of the questions that follow. All of the numbers are from the Bureau of Labor Statistics. The Civilian Noninstitutional Population' is defined as "persons 16 years of age and older residing in the 50 states and the District of Columbia who do not live in institutions (for example. correctional facilities, long-term care hospitals, and nursing homes) and who are not on active duty in the Armed Forces. Data Civilian Labor Employed Unemployed Unemployment Labor-Force for Noninstitutional Force the Population (in Unitedthousands) thousands) States 2007 (in thousands) thousands) (in Rate Participation Rate 2010146,000 2018 257791 232,000 154,000T 162,075 7,000 14,825 [B1 [FI1 3.9 (Dl 64.7 In 2007, the U.S. labor force was equal to thousands.) thousand people. (Recall that the numbers in the table are in QUESTION2 In 2007, the unemployment rate in the U.S. was percent. (Round to one decimal point) QUESTION 3 In 2007, the labor force participation rate was percent. (Round to one decimal place)

Answer 1

2007

Labor Force in 2007= Employed + Unemployed

Employed=146,000 ( in thousands)

Unemployed=7,000 ( in thousands)

Labor Force = 146,000 + 7,000= 153,000 ( in thousands) A

Unemployment rate

Unemployment Rate = (Number of Unemployed / Labor Force) * 100
= (7,000/153,000) x 100=4.58% B

LFPR = Labor Force / Civilian Non-Institutionalized Population

Labor Force = 153,000 ( in thousands)

Civilian Non-Institutionalized Population =232,000

LFPR= (153,000/232,000)x 100=65.95% C

2010

LFPR=64.7%

Labor force=154,000

Let Civilian Non-Institutionalized Population be X

Substituting in the formula: LFPR = Labor Force / Civilian Non-Institutionalized Population

64.7= 154,000/x

64.7x=154,000

x=154000/64.7= 238,021 (in thousands). D

Labor force = Employed + Unemployed

Labor Force= 154,000 ( in thousands)

Unemployed=14,825 (in thousands).

Employed= Labor Force - Unemployed

= 154,000 - 14,825= 139,175 ( in thousands) E

Unemployment rate

Unemployment Rate = (Number of Unemployed / Labor Force) * 100

Labor Force= 154,000 ( in thousands)

Unemployed= 14,825

(14,825/154,000) x 100=9.63% F