1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of sox people: Sean, Yvette, Bob, Cho, Geniny, and Eric. Each person's employment status is described in the following table. Based on the criteria used by the Bureau of Labor Statesties (BLS), identily each person's status as employed, unemployed, "not in the labor force" not in the ovilan labor force but still part of the adult population), or "not in the adult population" if not in the ovilian adult population. Person Status Sean is a 25-year-old professional tennis player. When he's not competing, he works as a Unemployed coach at a local tennis club. Yvette is a 42 year-old autoworker who was just laid off by her employer Unemployed She is trying to find any kind of job to help make ends meet. Bob is a 78-year-old retired professor. He enjoys volunteering at the local public library. Not in the labor force Ginny is a 26-year old who lost her job as a copy editor for a local newspaper. She has Not in the labor force spent the past few weeks out of work and interviewing for other editing jobs. She is thinking about going back to grad school if her job search doesn't succeed after a few more weeks, Eric is a 17 year old who just graduated from high school. He is taking it easy this Not in the adult population summeg, relaxing by the pool with his friends and family, and volunteering part-time at the local nursing home.
1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of sox people: Sean, Yvette, Bob, Cho, Geniny, and Eric. Each person's employment status is described in the following table. Based on the criteria used by the Bureau of Labor Statesties (BLS), identily each person's status as employed, unemployed, "not in the labor force" not in the ovilan labor force but still part of the adult population), or "not in the adult population" if not in the ovilian adult population. Person Status Sean is a 25-year-old professional tennis player. When he's not competing, he works as a Unemployed coach at a local tennis club. Yvette is a 42 year-old autoworker who was just laid off by her employer Unemployed She is trying to find any kind of job to help make ends meet. Bob is a 78-year-old retired professor. He enjoys volunteering at the local public library. Not in the labor force Ginny is a 26-year old who lost her job as a copy editor for a local newspaper. She has Not in the labor force spent the past few weeks out of work and interviewing for other editing jobs. She is thinking about going back to grad school if her job search doesn't succeed after a few more weeks, Eric is a 17 year old who just graduated from high school. He is taking it easy this Not in the adult population summeg, relaxing by the pool with his friends and family, and volunteering part-time at the local nursing home.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS.
Number in Laber Force
Adhult Ppulation
100 x
Labor Force Participation Rate =
According to this formula, what is the labor force participation rate of this economy of six people?
O 20%
60%
O 66.67%
O 200%
Complete the right half of the following equation to reflect the unemployment rate reported by the BLS.
Number of Unemployed Workers
Labr Fare
100 x
Unemployment Rate =
According to this formula, what is the unemployment rate of this economy of six people?
O 20%
O 60%
O 66.67%
O 200%
Transcribed Image Text:1. Measuring employment, unemployment, and labor force participation
Consider a small econiomy composed of six people: Sean, Yvette, Bob, Cho, Genny, and Enic. Each person's employment status is described in the
following table.
Based on the criteria used by the Bureau of Labor Statestics (BLS), identify each person's status as employed, unemployed, "not in the labor force" (if
not in the ovllan labor force but still part of the adult population), or "not in the aduit population" if not in the ovilian adult population.
Person
Status
Sean is a 25-year-old professional terinis player. When he's not competing, he works as a
Unemployed
coach at a local tennis club.
Yvette is a 42 year-old autoworker who was just laid off by her employer
Unemployed
She is trying to fnd any kind of job to help make ends
meet.
Bob is a 78-year-old retired professor. He enjoys volunteering at the local public library.
Not in the labor force
Ginny is a 26-year old who lost her job as a copy editor for a local newspaper. She has
Not in the labor force
spent the past few weeks out of work and interviewing for other editing jobs. She is
thinking about going back to grad school if her job search doesn't succeed after a few
more weeks.
Eric is a 17 year-old who just graduated from high school. He is taking it easy this
Not in the adult population
summe, relaxing by the pool with his friends and family, and volunteering part-time at
the local nursing home.
Cho is a 10-year-old student at Southside Middle School. She babysits her younger sister
Not in the adult population
and does other chores, so her parents give her an allowance of $25 per week.
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