In a particular month, the Bureau of Labor Statistics (BLS) conducts a survey of 60,000 people and reports the following statistics:

Have jobs = 55,584 persons

Unemployed and have been looking for a job in the last four weeks = 2,316 persons

Unemployed but not have been looking for a job in the last four weeks = 2,100 persons

In that month BLS reports an unemployment rate of:

Question

In a particular month, the Bureau of Labor Statistics (BLS) conducts a survey of 60,000 people and reports the following statistics:

Have jobs = 55,584 persons

Unemployed and have been looking for a job in the last four weeks = 2,316 persons

Unemployed but not have been looking for a job in the last four weeks = 2,100 persons

In that month BLS reports an unemployment rate of:

BlackTom AI · Accepted Answer

We start by identifying the key components needed to compute the unemployment rate. The unemployment rate is the number of unemployed people who are actively looking for work divided by the total labor force (employed plus unemployed), multiplied by 100 to get a percentage.

First, compute the labor force: employed plus unemployed (who are actively seeking work). Employed = 55,584; unemployed and looking for a job in the last four weeks = 2,316. Labor force = 55,584 + 2,316 = 57,900.

Next, use the unemployment figure given: 2,316 people are unemployed and actively looking for work.

Now calculate the unemployment rate: (2,316 / 57,900) × 100. Do the division: 2,316 ÷ 57,900 ≈ 0.04. Multiply by 100 to convert to a percentage: 0.04 × 100 = 4.0%. This aligns with the interpretation that 4.0% of the labor force is unemployed and seeking work.

Option-by-option analysis:
- 3.50%: If the unemployment rate were 3.50%, the unemployment count would be 3.50% of 57,900, which is 0.035 × 57,900 ≈ 2,026.5. Since the given unemployed number is 2,316, this option is inconsistent with the data.
- 4.00%: This value corresponds exactly to the calculation (2,316 / 57,900) × 100 = 4.0%. It matches the data precisely.
- 4.500%: A rate of 4.5% would imply 0.045 × 57,900 ≈ 2,605.5 unemployed persons, which is larger than the reported 2,316, so this is incorrect.
- 5.00%: A 5% rate would imply 0.05 × 57,900 = 2,895 unemployed, which again does not match the reported figure.
- None of the above.: Since 4.0% is exactly supported by the data, this option would be incorrect.

In summary, the calculation based on the provided numbers yields 4.0% unemployment, and the other percentages do not align with the given counts for employed and unemployed.

ECN 001B B01-B04 FQ 2025 Final Examination

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