The Labor Force Participation Rate Is the Number of People

question 81

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.What is the probability that fewer than 60% of those surveyed are members of the labor force?

• A) 0.2005
• B) 0.7995
• C) 0.8400
• D) 0.9706

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Definitions:

Intelligence Test

A standardized assessment designed to measure human intelligence and cognitive abilities.

Failing Grades

Academic scores that fall below the threshold required for passing, indicating unsatisfactory performance.

Regression Toward

Regression toward the mean is the phenomenon that if a variable is extreme on its first measurement, it will tend to be closer to the average on its second measurement.

Illusory Correlation

A cognitive bias where a relationship is perceived between two variables even when no such relationship exists.