1 Measuring Employment Unemployment And Labor Force Participation Consider A Small Economy Composed Of Six People Lo 1 (42.13 KiB) Viewed 34 times
1 Measuring Employment Unemployment And Labor Force Participation Consider A Small Economy Composed Of Six People Lo 2 (29.83 KiB) Viewed 34 times
1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Lorenzo, Neha, Sam, Teresa, Beth, and Andrew. 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 Lorenzo is a 24-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. Neha is a 40-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. Sam is a 37-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Beth 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 Andrew 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. Teresa is a 10-year-old student at Southside Middle School. She babysits her younger sister and does other chores, so her parents give her an allowance of $30 per week. Status Employed Unemployed Not in the labor force: Unemployed Employed Not in the adult population
Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS. Number of Employed Workers Adal Population Labor Force Participation Rate = 100 x According to this formula, what is the labor force participation rate of this economy of six people? 40% 50% 80% 100% Complete the right half of the following equation to reflect the unemployment rate reported by the BLS. Number of employed Workers Unemployment Rate = 100 x 5 According to this formula, what is the unemployment rate of this economy of six people? 40% 50% 80% 100%
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!