1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Raphael, Susan, Alex, Becky, Eileen, and Clancy. Each person's employment status is described in the following table. Based on the criteria used by the Bureau of Labor Statistics (BLS), identify each person's status as employed, unemployed, "not in the labor force" (if not in the civilian labor force but still part of the adult population), or "not in the adult population" if not in the civilian adult population. Person Status Raphael is a 49-year-old autoworker who was laid off from his job 6 months ago. He is frustrated with his inability to find a new full-time position. Last week, he took a part-time job but was given only 3 hours of work. Susan is a 31-year-old professional basketball player . She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Alex is a 37-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Eileen is a 26-year-old who lost her job as a copy editor for a local newspaper. She has spent the past few weeks out of work and interviewing for other editing jobs. She is thinking about going back to grad school if her job search doesn't succeed after a few more weeks. Clancy is a 17-year-old who just graduated from high school. He is taking it easy this summer, relaxing by the pool with his friends and family, and volunteering part-time at the local nursing home. Becky is a 13-year-old student at Southside Middle School. She babysits her younger sister and does other chores, so her parents give her an allowance of $20 per week. Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS. Labor Force Participation Rate = According to this formula, what is the labor force participation rate of this economy of six people? 20% 60% 66.67% 200% Complete the right half of the following equation to reflect the unemployment rate reported by the BLS. Uneтployment Rate According to this formula, what is the unemployment rate of this economy of six people? 20% 60% 66.67% 200%
1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Raphael, Susan, Alex, Becky, Eileen, and Clancy. Each person's employment status is described in the following table. Based on the criteria used by the Bureau of Labor Statistics (BLS), identify each person's status as employed, unemployed, "not in the labor force" (if not in the civilian labor force but still part of the adult population), or "not in the adult population" if not in the civilian adult population. Person Status Raphael is a 49-year-old autoworker who was laid off from his job 6 months ago. He is frustrated with his inability to find a new full-time position. Last week, he took a part-time job but was given only 3 hours of work. Susan is a 31-year-old professional basketball player . She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Alex is a 37-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Eileen is a 26-year-old who lost her job as a copy editor for a local newspaper. She has spent the past few weeks out of work and interviewing for other editing jobs. She is thinking about going back to grad school if her job search doesn't succeed after a few more weeks. Clancy is a 17-year-old who just graduated from high school. He is taking it easy this summer, relaxing by the pool with his friends and family, and volunteering part-time at the local nursing home. Becky is a 13-year-old student at Southside Middle School. She babysits her younger sister and does other chores, so her parents give her an allowance of $20 per week. Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS. Labor Force Participation Rate = According to this formula, what is the labor force participation rate of this economy of six people? 20% 60% 66.67% 200% Complete the right half of the following equation to reflect the unemployment rate reported by the BLS. Uneтployment Rate According to this formula, what is the unemployment rate of this economy of six people? 20% 60% 66.67% 200%
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:1. Measuring employment, unemployment, and labor force participation
Consider a small economy composed of six people: Raphael, Susan, Alex, Becky, Eileen, and Clancy. Each person's employment status is described in
the following table.
Based on the criteria used by the Bureau of Labor Statistics (BLS), identify each person's status as employed, unemployed, "not in the labor force" (if
not in the civilian labor force but still part of the adult population), or "not in the adult population" if not in the civilian adult population.
Person
Status
Raphael is a 49-year-old autoworker who was laid off from his job 6 months ago. He is
frustrated with his inability to find a new full-time position. Last week, he took a part-time
job but was given only 3 hours of work.
Susan is a 31-year-old professional basketball player
. She finished her last season as a player 3 weeks ago and is currently interviewing for a
coaching position.
Alex is a 37-year-old graphic designer who is taking 2 years off from work to care for his
small daughter.
Eileen is a 26-year-old who lost her job as a copy editor for a local newspaper. She has
spent the past few weeks out of work and interviewing for other editing jobs. She is
thinking about going back to grad school if her job search doesn't succeed after a few
more weeks.
Clancy is a 17-year-old who just graduated from high school. He is taking it easy this
summer, relaxing by the pool with his friends and family, and volunteering part-time at
the local nursing home.
Becky is a 13-year-old student at Southside Middle School. She babysits her younger
sister and does other chores, so her parents give her an allowance of $20 per week.
Transcribed Image Text:Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS.
Labor Force Participation Rate =
According to this formula, what is the labor force participation rate of this economy of six people?
20%
60%
66.67%
200%
Complete the right half of the following equation to reflect the unemployment rate reported by the BLS.
Uneтployment Rate
According to this formula, what is the unemployment rate of this economy of six people?
20%
60%
66.67%
200%
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