Homework Help is Here – Start Your Trial Now!
Business
Economics
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? 33.33% 40% 50% 60%

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? 33.33% 40% 50% 60%

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question

what goes in blank?

### Understanding the Labor Force Participation Rate Complete the right half of the following equation to reflect the labor force participation rate reported by the Bureau of Labor Statistics (BLS). **Labor Force Participation Rate =** [Input] **Question:** According to this formula, what is the labor force participation rate of this economy of six people? - ☐ 33.33% - ☐ 40% - ☐ 50% - ☐ 60% ### Explanation: **Labor Force Participation Rate** is a measure of the active portion of an economy's labor force. It refers to the number of people who are either employed or actively looking for work. This is expressed as a percentage of the total working-age population (those who are aged 16 and older and not institutionalized). To correctly answer the question, one must understand the formula: \[ \text{Labor Force Participation Rate} = \left( \frac{\text{Labor Force}}{\text{Working-Age Population}} \right) \times 100\% \] In the given question, an economy with six people is mentioned. Suppose the number of individuals classified within the labor force (employed or actively looking for work) is provided or can be deduced; you can substitute those numbers into the formula to find the labor force participation rate. For example, if there are 3 individuals in the labor force out of the 6 people in the population: \[ \text{Labor Force Participation Rate} = \left( \frac{3}{6} \right) \times 100\% = 50\% \] Therefore, the correct answer would be: - ☐ 33.33% - ☐ 40% - ☑ 50% - ☐ 60% This formula and example explain how to calculate the labor force participation rate and apply it to the given data for a specific economy.
Transcribed Image Text:### Understanding the Labor Force Participation Rate Complete the right half of the following equation to reflect the labor force participation rate reported by the Bureau of Labor Statistics (BLS). **Labor Force Participation Rate =** [Input] **Question:** According to this formula, what is the labor force participation rate of this economy of six people? - ☐ 33.33% - ☐ 40% - ☐ 50% - ☐ 60% ### Explanation: **Labor Force Participation Rate** is a measure of the active portion of an economy's labor force. It refers to the number of people who are either employed or actively looking for work. This is expressed as a percentage of the total working-age population (those who are aged 16 and older and not institutionalized). To correctly answer the question, one must understand the formula: \[ \text{Labor Force Participation Rate} = \left( \frac{\text{Labor Force}}{\text{Working-Age Population}} \right) \times 100\% \] In the given question, an economy with six people is mentioned. Suppose the number of individuals classified within the labor force (employed or actively looking for work) is provided or can be deduced; you can substitute those numbers into the formula to find the labor force participation rate. For example, if there are 3 individuals in the labor force out of the 6 people in the population: \[ \text{Labor Force Participation Rate} = \left( \frac{3}{6} \right) \times 100\% = 50\% \] Therefore, the correct answer would be: - ☐ 33.33% - ☐ 40% - ☑ 50% - ☐ 60% This formula and example explain how to calculate the labor force participation rate and apply it to the given data for a specific economy.
--- ### Understanding Labor Force Classifications **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** | **Status** | |------------|------------| | **Dmitri** | Dimitri is a 74-year-old professor. He teaches only one or two courses a year, but he's still pursuing an active research agenda. | | **Frances** | Frances is a 24-year-old recent college graduate. She did not work for pay last week, but she had two job interviews. | | **Jake** | Jake is a 79-year-old retired professor. He enjoys volunteering at the local public library. | | **Rosa** | Rosa 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. | | **Nick** | Nick 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. | | **Latasha** | Latasha is a 13-year-old student at West Valley Middle School. She baby-sits her younger sister and does other chores for which her parents give her an allowance of $20 per week. | **Explanation of Graph or Diagram:** In this section, you would typically include a detailed description of any relevant graphs or diagrams. However, in this case, there are no graphs or diagrams included with the text provided. **Educational Insight:** This classification exercise helps develop an understanding of the various categories used by the Bureau of Labor Statistics (BLS) to describe the employment status of individuals. Learning to accurately categorize individuals based on their work situations and age helps students grasp important concepts in labor economics and workforce analytics. ---
Transcribed Image Text:--- ### Understanding Labor Force Classifications **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** | **Status** | |------------|------------| | **Dmitri** | Dimitri is a 74-year-old professor. He teaches only one or two courses a year, but he's still pursuing an active research agenda. | | **Frances** | Frances is a 24-year-old recent college graduate. She did not work for pay last week, but she had two job interviews. | | **Jake** | Jake is a 79-year-old retired professor. He enjoys volunteering at the local public library. | | **Rosa** | Rosa 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. | | **Nick** | Nick 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. | | **Latasha** | Latasha is a 13-year-old student at West Valley Middle School. She baby-sits her younger sister and does other chores for which her parents give her an allowance of $20 per week. | **Explanation of Graph or Diagram:** In this section, you would typically include a detailed description of any relevant graphs or diagrams. However, in this case, there are no graphs or diagrams included with the text provided. **Educational Insight:** This classification exercise helps develop an understanding of the various categories used by the Bureau of Labor Statistics (BLS) to describe the employment status of individuals. Learning to accurately categorize individuals based on their work situations and age helps students grasp important concepts in labor economics and workforce analytics. ---
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Rational Decisions
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS