The Bureau of Labor Statistics reported in 2005 that there were 53.23 million people over age 25 who had at least a bachelor's degree, 40.59 million of whom were employed and 0.98 million of whom were unemployed. What were the labor-force participation rate and the unemployment rate for this group?
A) 76.3% and 1.8%
B) 76.3% and 2.4%
C) 78.1% and 1.8%
D) 78.1% and 2.4%

Question

Quizplus · Accepted Answer

The labor-force participation rate is calculated as (employed + unemployed) / total with a degree = (40.59 + 0.98) / 53.23 = 78.1%. The unemployment rate is unemployed / (employed + unemployed) = 0.98 / (40.59 + 0.98) = 2.4%.

The Bureau of Labor Statistics Reported in 2005 That There