Suppose That the Total Labor Force Is 100 Individuals with 10

question 337

Multiple Choice

Suppose that the total labor force is 100 individuals with 10 unemployed. The unemployment rate is ________. Now assume that 10 people drop out of the labor force and that 10 remain unemployed. The new unemployment rate is ________.

• A) 9 percent; 10 percent
• B) 10 percent; 9 percent
• C) 10 percent; 11 percent
• D) 11 percent; 10 percent

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Definitions:

Population Mean

The average value of a property in a population, calculated by summing the values of all members of the population and dividing by the total number of members.

Confidence Interval

A range of values derived from sample statistics that is likely to cover the true parameter of the population with a certain level of confidence.

Standard Deviation

A statistic that measures the dispersion of a dataset relative to its mean.

T-Distribution

A probability distribution used in statistics for estimating population parameters when the sample size is small and the population variance is unknown.