Consider a small economy composed of six people: Andrew, Beth, Darnell, Eleanor, Kyoko, and Jacques. 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. Person Status Andrew is a 71-year-old professor. He teaches only one or two courses a year, but he's still pursuing an active research agenda. Beth is a 40-year-old autoworker who was just laid off by her employer She is trying to find any kind of job to help make ends meet. Darnell 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. Kyoko 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. Jacques 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. Eleanor 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 $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? O 33.33% O 40% O 50% O 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? О 33.33% O 40% O 50% O 60% O O o O
Consider a small economy composed of six people: Andrew, Beth, Darnell, Eleanor, Kyoko, and Jacques. 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. Person Status Andrew is a 71-year-old professor. He teaches only one or two courses a year, but he's still pursuing an active research agenda. Beth is a 40-year-old autoworker who was just laid off by her employer She is trying to find any kind of job to help make ends meet. Darnell 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. Kyoko 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. Jacques 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. Eleanor 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 $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? O 33.33% O 40% O 50% O 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? О 33.33% O 40% O 50% O 60% O O o O
Chapter1: Making Economics Decisions
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Problem 1QTC
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Transcribed Image Text:Consider a small economy composed of six people: Andrew, Beth, Darnell, Eleanor, Kyoko, and Jacques. 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.
Person
Status
Andrew is a 71-year-old professor. He teaches only one or two courses a year, but he's still
pursuing an active research agenda.
Beth is a 40-year-old autoworker who was just laid off by her employer
She is trying to find any kind of job to help make ends meet.
Darnell 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.
Kyoko 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.
Jacques 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.
Eleanor 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 $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?
O 33.33%
O 40%
O 50%
O 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?
О 33.33%
O 40%
O 50%
O 60%
O O o O
Expert Solution
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Unemployment means that people are actively looking for job at prevailing market wage rate but still don't get it .
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