The Bureau of Labor Statistics reported that in 2005 the total labor force was 1

Question

The Bureau of Labor Statistics reported that in 2005 the total labor force was 149,320 thousand of a possible 226,082 thousand working-age adults. The total number of unemployed was 7,591 thousand. From this information, calculate the following: a. Labor force participation rate Instructions: Round your answer to 1 decimal place. percent b. Unemployment rate Instructions: Round your answer to 1 decimal place. percent. c. Employment-population ratio Instructions: Round your answer to 1 decimal place. percent.

Explanation / Answer

Solution :

a) Labor force participation rate = Total in the labor force / adult population

Labor force participation rate = 149320 / 226082

Labor force participation rate =66.05%

b) Unemployment rate = number unemployed / number in the labor force

Unemployment rate = 7591/149320

Unemployment rate = 5.08%

c) employment - population ratio = 149320 - 7591 / 226082

employment - population ratio = 62.68%

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a) The value of the price index in 2013 = Total cost in 2013 / Total cost in base year period

The value of the price index in 2013 = 61.20 / 61.20 X 100

The value of the price index in 2013 = 100

b) Value of the price index in 2014 .= Total cost in 2014 / Total cost in base year period

Value of the price index in 2014 = 66.45 / 61.20 X 100

Value of the price index in 2014 = 108.58

c) Inflation from 2013 to 2014 is

100X8.58/100 = 8.58%

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