Solved: Exercises 69 to 72 refer to the following setting. In the language of government

QUESTION:

Exercises 69 to 72 refer to the following setting. In the language of government statistics, you are in the labor force if you are available for work and either working or actively seeking work. The unemployment rate is the proportion of the labor force (not of the entire population) who are unemployed. Here are data from the Current Population Survey for the civilian population aged 25 years and over in a recent year. The table entries are counts in thousands of people. Highest education Total population In labor force Employed Didnt finish high school 27,669 12,470 11,408 High school but no college 59,860 37,834 35,857 Less than bachelors degree 47,556 34,439 32,977 College graduate 51,582 40,390 39,294 Unemployment (5.1) What is the probability that a randomly chosen person 25 years of age or older is in the labor force? Show your work.