15. The following table contains information for the U. S. for 2004 US Economy:

Question

15. The following table contains information for the

U. S. for 2004 US Economy: 2004 Thousands of Persons

Civilian labor force 147,390

Civilian Employment 139, 248

Civilian working age population 223,318

Compute the unemployment rate and the labor force participation rate.

A) Unemployment rate= 3.65 percent; Labor force participation rate = 48.8 percent.

B) Unemployment rate= 5.52 percent; Labor force participation rate = 66.0 percent.

C) Unemployment rate= 9.45 percent; Labor force participation rate = 66.0 percent.

D) Unemployment rate= 5.52 percent; Labor force participation rate = 94.48 percent.

Explanation / Answer

Unemployment rate= (Civilian labor force-Civilian Employment)/Civilian Employment x 100

=(147,390-139, 248)= 8,142 / 147,390 * 100

=5.52

Labor force participation rate=(Civilian labor force)/Civilian working age population x 100

=(147,390/ 223,318) * 100

=66%

Answer is B.

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