If the Unemployment Rate Is 5

question 135

Multiple Choice

If the unemployment rate is 5.8% and the number of unemployed persons is 15 million,the labor force is approximately:

• A) 258 million.
• B) 243 million.
• C) 87 million.
• D) 870 million.
• E) 2.6 million.

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Definitions:

Population

The entire group of individuals or instances about whom the data is collected and which the statistical analysis is based upon.

Confidence Interval

A span of values, coming from sample observations, expected to include the value of a not-yet-identified population characteristic.

Degrees Of Freedom

The number of independent data points in a statistical calculation that are free to vary.

T-Distribution

A probability distribution that arises when estimating the mean of a normally distributed population in situations where the sample size is small and the standard deviation is unknown.