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PLEASE ANSWER ALL THE QUESTIONS WITH A DETAILED EXPLANATION!!! Make sure the answer is correct!!!

PLEASE ANSWER ALL THE QUESTIONS WITH A DETAILED EXPLANATION!!! Make sure the answer is correct!!!

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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PLEASE ANSWER ALL THE QUESTIONS WITH A DETAILED EXPLANATION!!! Make sure the answer is correct!!!

1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Brian, Crystal, Edison, Hilary, Maria, and Kevin. 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 Brian 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. Crystal is a 35-year-old professional basketball player . She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Edison is a 76-year-old retired professor. He enjoys volunteering at the local public library. Maria 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. Kevin is a famous novelist. He is spending the summer at his lake house in upstate New York, doing a little writing each day but mostly spending his time gardening and reading. Hilary is a 10-year-old student at East Valley Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $25 per week.
Transcribed Image Text:1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Brian, Crystal, Edison, Hilary, Maria, and Kevin. 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 Brian 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. Crystal is a 35-year-old professional basketball player . She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Edison is a 76-year-old retired professor. He enjoys volunteering at the local public library. Maria 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. Kevin is a famous novelist. He is spending the summer at his lake house in upstate New York, doing a little writing each day but mostly spending his time gardening and reading. Hilary is a 10-year-old student at East Valley Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $25 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? O 33.33% O 40% O 50% O 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? О 33.33% O 40% O 50% О 60%
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? O 33.33% O 40% O 50% O 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? О 33.33% O 40% O 50% О 60%
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