1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Ca

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1 Measuring Employment Unemployment And Labor Force Participation Consider A Small Economy Composed Of Six People Ca 1 (40.33 KiB) Viewed 22 times

1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Carlos, Deborah, Felix, Janet, Megan, and Larry. 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 Carlos is a 74-year-old professor. He teaches only one or two courses a year, but he's still pursuing an active research agenda. Deborah is a 42-year-old autoworker who was just laid off by her employer . She is trying to find any kind of job to help make ends meet. Felix is a 79-year-old retired professor. He enjoys volunteering at the local public library. Megan is a 31-year-old science teacher who taught at West Valley Middle School last year. Due to budget cuts, she was laid off at the end of the school year. It's the summer now, and after a few weeks of vacation with her family, she is looking for a part-time job as a tutor. Larry is a 20-year-old American Studies major at the University of Tennessee. It's summer now, and he is working as a lifeguard in Mobile, Alabama. Janet is a 10-year-old student at West Valley 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? 40% 50% 80% O 100% 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? 40% 50% 80% 100%