The labor force participation rate is the number of people in the labor force divided by the number of people in the country that are of working age and not institutionalized.The BLS reported in February of 2012 that the labor force participation rate in the United States was 63.7% (Calculatedrisk.com) .A marketing company asks 120 working-age people if they either have a job or are looking for a job,or,in other words,whether they are in the labor force. Refer to Exhibit 7-8.What is the expected value and the standard deviation for a labor participation rate in the company's sample? 
Definitions:
Net Purchases
The total amount of goods purchased for resale, minus returns and allowances, plus freight and other acquisition costs.
Net Sales
Net sales is the total revenue from goods and services sold by a business, minus returns, allowances, and discounts, indicating the actual sales revenue.
Cost Of Goods Sold
The direct costs attributable to the production of goods sold by a company, including material, labor, and overhead costs.
Gross Profit Rate
A financial metric that measures a company's gross profit as a percentage of its net sales, indicating the efficiency of production and pricing.
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