### Understanding Labor Force Participation and Unemployment Rates#### Labor Force Participation Rate Calculation**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?1. ○ 33.33%2. ○ 40%3. ○ 50%4. ○ 60%---#### Unemployment Rate Calculation**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?1. ○ 33.33%2. ○ 40%3. ○ 50%4. ○ 60%---Ensure to understand the definitions and formulas used by the Bureau of Labor Statistics (BLS) for calculating the labor force participation rate and the unemployment rate. Practice these calculations by applying them to the given hypothetical economy consisting of six individuals. **Note:** The options provided include potential answers, ensure to select the most accurate value based on the information and formulas provided during your learning session. ### 1. Measuring Employment, Unemployment, and Labor Force ParticipationConsider a small economy composed of six people: Alex, Becky, Clancy, Eileen, Kate, and Hubert. Each person's employment status is described in the following table.**Table: Employment, Unemployment, and Labor Force Participation**- **Person:** - Alex is a 40-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. - Becky is a 24-year-old recent college graduate. She did not work for pay last week, but she had two job interviews. - Clancy is a 45-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. - Kate 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. - Hubert is a famous novelist. He is spending the summer at his lake house in upstate New York, doing little writing each day but mostly spending his time gardening and reading. - Eileen is a 10-year-old student at East Valley Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $25 per week.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.Please use the dropdown options in the "Status" column corresponding to each individual to categorize their employment status according to the BLS definitions.

Unemployment rate refers to the percentage of labor force that are unemployed. Labor force is the…

Complete the right half of the following equation to reflect the labor force participation rate reported by Labor Force Participation Rate = According to this formula, what is the labor force participation rate of this economy of six people? 33.33% 40% 50% 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? 33.33% 40% 50%

Complete the right half of the following equation to reflect the labor force participation rate reported by Labor Force Participation Rate = According to this formula, what is the labor force participation rate of this economy of six people? 33.33% 40% 50% 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? 33.33% 40% 50%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

What is the natural unemployment rate? What is cyclical unemployment? What is frictional unemployment? What are possible reasons that would create frictional unemployment? What policies can a government follow to reduce frictional unemployment in a country? What is structural unemployment? What are possible reasons that would create structural unemployment? What policies can a government follow to reduce structural unemployment in a country?
Show your solution
a ) Marie recently graduated from college with a degree in electrical engineering, but she has not yet started working. When will she be counted as “unemployed” according to the BLS? b) Eric was laid off, but he is expecting to be recalled. He has not looked for work since being laid off. Natalie is not employed, nor was she laid off. Who is counted as “unemployed” in the U.S. labor force statistics? c) What are the four different types of unemployment? Explain each.
no handwritten notes
Explain the difference between the natural rate of unemployment and the actual rate of unemployment as reported by the US Department of Labor.
Yermo, California, has a labor force of 5,000 persons and employment of 4,100. The unemployment rate for the city is? (Please specify answer in percentage. If answer is .06, then convert to percentage and enter 6. NO NEEDT TO ENTER % OR PERCENT SIGN. Convert answer by either moving decimal point two places to the right or multiplying by 100),
The three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics. Identify each person in the table as structurally, frictionally, or cyclically unemployed. Unemployment Type Structural Frictional Cyclical Antonio recently lost his job as a delivery driver, Minimum-wage legislation keeps employers from adding more of the low-skill positions for which he qualifies, so he has been unable to find work. о A recent recession has reduced the number of visitors to a local water park. The park has had to lay off many of its employees, including Frances. о Caroline just moved with her husband to Bismark, North Dakota. She's looking for a job as a judicial clerk. о The following table presents data on frictional, cyclical, structural, and total unemployment for an economy. Rate Unemployment Type (Percent) Frictional Cyclical 3.9 0.0 Structural 0.9 Total unemployment 4.8 True or False: This economy is not currently at its natural rate of…
What is the unemployment rate in an economy where the entire adult population can be categorized as follows: • 32 million people employed • 2 million people unemployed • 1 million discouraged workers, and • 1 million people who are either students, homemakers, retirees, or other people not seeking employment. 6.3% 5.6% 5.9% 4.8%
Q4. Assess whether the following would be counted as unemployed or not unemployed in the Current Employment Statistics survey. Write next to the sentence if it’s: A. Not unemployed or B. Unemployed
In a given community, the unemployment rate is 4% and their working-age population is 930,000. Labor force participation was 81% in this community in December of 2009. In January 2010 a new social security policy was implemented, allowing people to retire and collect their social security benefits earlier than expected. 200 thousand older workers retired at the end of January due to the new policy. Further, 2000 senior citizens that were out of the labor force (in December) started collecting their social security retirement benefits in January due to their past contributions. What is the Unemployment rate in February assuming everything else was fixed at their December values?
Unemployment rates have been higher in many European countries in recent decades than in the United States. Is the main reason for this long-term difference in unemployment rates more likely to be cyclical unemployment or the natural rate of unemployment? Explain briefly.
The table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment 3% Natural rate of unemployment 4% Population of the country 125 million Number of people employed 97 million Number of people unemployed 3 million Number of people employed part time 5 million Number of people discouraged workers 2 million Would the number of people employed part-time be included in labour force or not? Given the state of the economy described in the table, is actual real output less than, greater than, or equal to potential real output? Explain. Calculate what the cyclical unemployment rate would be if the actual rate of unemployment increased to 5 percent. Suppose discouraged workers reenter the labor force and find employment. Will the actual rate of unemployment increase, decrease, or stay the same?