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

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4 Measuring Employment Unemployment And Labor Force Participation Consider A Small Economy Composed Of Six People Lo 1 (66.48 KiB) Viewed 12 times

4. 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" but still part of the civilian noninstitutional population, or "Not in the civilian noninstitutional population" if not in the civilian noninstitutional population. Person Lorenzo is a 43-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. Neha 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. Sam is a 45-year-old accountant who has been out of work for almost a year. He became so discouraged that, a couple of months ago, he gave up on his job search. Beth 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. Andrew 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. Teresa is a 23-year-old who is currently serving in the army. Her father has promised her a job in the family business when she leaves the army. 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% oo o 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? OOOO O 33.33% O 40% O 50% O 60% Status Employed