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 23-year-old recent college graduate . She did not work for pay last week, but she had two job interviews. Felix is a 43-year-old accountant who has been out of work for almost a year. He became so discouraged that he gave up on his job search a couple of months ago. Megan is a 26-year-old who lost her job as a copy editor for a local newspaper. She has 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. Larry is a 17-year-old who just graduated from high school. He is taking it easy this summer, relaxing by the pool with his friends and family, and volunteering part-time at the local nursing home. 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 $30 per week. omplete the right half of the following equation to reflect the labor force participation rate reported by the BLS. abor Force Participation Rate = ccording to this formula, what is the labor force participation rate of this economy of six people?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.

According to this formula, what is the labor force participation rate of this economy of six people?
20%
60%
66.67%
200%
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?
20%
60%
66.67%
200%

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 23-year-old recent college graduate
She did not work for pay last week, but she had two job interviews.
Felix is a 43-year-old accountant who has been out of work for almost a year. He became
so discouraged that he gave up on his job search a couple of months ago.
Megan is a 26-year-old who lost her job as a copy editor for a local newspaper. She has
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.
Larry is a 17-year-old who just graduated from high school. He is taking it easy this
summer, relaxing by the pool with his friends and family, and volunteering part-time at
the local nursing home.
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 $30 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?

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