1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Alex, Becky, Clancy, Eileen, Kate, and Hubert. 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). Status Person Alex is a 47-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. Becky is a 36-year-old autoworker who was just laid off by her employer 6 weeks ago Since being laid off, Becky has been actively searching for a new job. Clancy is a 37-year-old graphic designer who is taking 2 years off from work to travel the world. Kate is a 29-year-old who lost her job as an associate producer for a radio station. After spending a few weeks out of work and interviewing for several other positions, she gave up on her job search and decided to go back to grad school. She made that decision a few months ago. Hubert is a famous novelist. He is spending the summer at his lake house in upstate New York, writing his next great novel. Eileen is a 10-year-old student at Southside Middle School. She baby-sits her younger sister and does other chores for which her parents give her an allowance of $30 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? 33.33% 40% 50% 60% Complete the right half of the following equation to reflect the unemployment rate reported by the BLS. Unemployment Rate = According to this formula, what is the unemployment rate of this economy of six people? 33.33% 40% 50% 60%
1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Alex, Becky, Clancy, Eileen, Kate, and Hubert. 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). Status Person Alex is a 47-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. Becky is a 36-year-old autoworker who was just laid off by her employer 6 weeks ago Since being laid off, Becky has been actively searching for a new job. Clancy is a 37-year-old graphic designer who is taking 2 years off from work to travel the world. Kate is a 29-year-old who lost her job as an associate producer for a radio station. After spending a few weeks out of work and interviewing for several other positions, she gave up on her job search and decided to go back to grad school. She made that decision a few months ago. Hubert is a famous novelist. He is spending the summer at his lake house in upstate New York, writing his next great novel. Eileen is a 10-year-old student at Southside Middle School. She baby-sits her younger sister and does other chores for which her parents give her an allowance of $30 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? 33.33% 40% 50% 60% Complete the right half of the following equation to reflect the unemployment rate reported by the BLS. Unemployment Rate = According to this formula, what is the unemployment rate of this economy of six people? 33.33% 40% 50% 60%
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: Alex, Becky, Clancy, Eileen, Kate, and Hubert. 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).
Status
Person
Alex is a 47-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.
Becky is a 36-year-old autoworker who was just laid off by her employer 6 weeks ago
Since being laid off, Becky has been actively searching for a new
job.
Clancy is a 37-year-old graphic designer who is taking 2 years off from work to travel the
world.
Kate is a 29-year-old who lost her job as an associate producer for a radio station. After
spending a few weeks out of work and interviewing for several other positions, she gave
up on her job search and decided to go back to grad school. She made that decision a few
months ago.
Hubert is a famous novelist. He is spending the summer at his lake house in upstate New
York, writing his next great novel.
Eileen is a 10-year-old student at Southside Middle School. She baby-sits her younger
sister and does other chores for which her parents give her an allowance of $30 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?
33.33%
40%
50%
60%
Complete the right half of the following equation to reflect the unemployment rate reported by the BLS.
Unemployment Rate =
According to this formula, what is the unemployment rate of this economy of six people?
33.33%
40%
50%
60%
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