The Labor Force Participation Rate Is the Number of People

question 117

Multiple Choice

The labor force participation rate is the number of people in the labor force divided by the number of people in the country who are of working age and not institutionalized.The BLS reported in February 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.For the company's sample,the probability that the proportion of people who are in the labor force is greater than 0.65 is _______.

• A) 0.1179
• B) 0.3000
• C) 0.3821
• D) 0.6179

Understand the basic concepts and definitions of linear programming, including constraints, objective function, and feasible region.

Formulate linear programming (LP) constraints from worded problems.

Explain the relationship between constraints and the feasible region in a linear programming problem.

Identify and describe methods for conducting sensitivity analysis.

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Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a good and the amount of it that suppliers are willing to produce and sell.

Perfectly Inelastic

A scenario where the demand for a good does not change in response to changes in price, represented by a vertical demand curve.

Excise Tax

A tax charged on specific goods, such as tobacco and alcohol, usually to discourage their use and generate revenue.

Pumpkins

Fruits from the squash family, typically round with a smooth, slightly ribbed skin, and deep yellow to orange color, often associated with Halloween and autumn.