1. Measuring employment, unemployment, and labor force participation Consider a tiny hypothetical economy composed entirely of the following people: Antonio, Caroline, Dmitri, Frances, Latasha, and Jake. Each person's employment status is given 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 Antonio is a 46-year-old steelworker 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. Caroline is a 29-year-old professional hockey player . She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Dmitri is a 78-year-old retired professor. He enjoys volunteering at the local public library. Latasha is a 31-year-old science teacher who taught at River Rock 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. Jake is a 20-year-old American Studies major at the University of Alabama. It's summer now, and he is working as a lifeguard in Memphis, Tennessee. Status 11
1. Measuring employment, unemployment, and labor force participation Consider a tiny hypothetical economy composed entirely of the following people: Antonio, Caroline, Dmitri, Frances, Latasha, and Jake. Each person's employment status is given 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 Antonio is a 46-year-old steelworker 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. Caroline is a 29-year-old professional hockey player . She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Dmitri is a 78-year-old retired professor. He enjoys volunteering at the local public library. Latasha is a 31-year-old science teacher who taught at River Rock 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. Jake is a 20-year-old American Studies major at the University of Alabama. It's summer now, and he is working as a lifeguard in Memphis, Tennessee. Status 11
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Jake is a 20-year-old American Studies major at the University of Alabama. It's summer
now, and he is working as a lifeguard in Memphis, Tennessee.
Frances is a 11-year-old student at River Mountain Middle School. She babysits her
younger brother 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%
=
100%
Complete the right half of the following equation to reflect the unemployment rate reported by the BLS.
Transcribed Image Text:1. Measuring employment, unemployment, and labor force participation
Consider a tiny hypothetical economy composed entirely of the following people: Antonio, Caroline, Dmitri, Frances, Latasha, and Jake. Each person's
employment status is given 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
Antonio is a 46-year-old steelworker 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.
Caroline is a 29-year-old professional hockey player
. She finished her last season as a player 3 weeks ago and is currently interviewing for a
coaching position.
Dmitri is a 78-year-old retired professor. He enjoys volunteering at the local public library.
Latasha is a 31-year-old science teacher who taught at River Rock 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.
Jake is a 20-year-old American Studies major at the University of Alabama. It's summer
now, and he is working as a lifeguard in Memphis, Tennessee.
Status
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