Consider a small economy composed of six people: Dmitri, Frances, Jake, Latasha, Rosa, and Nick. 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 Dmitri is a 24-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. Frances is a 24-year-old recent college graduate . She did not work for pay last week, but she had two job interviews. Jake is a 77-year-old retired professor. He enjoys volunteering at the local public library. 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 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 is a 13-year-old student at Southside 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? 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? O 33.33% 40% 50% 60%
Consider a small economy composed of six people: Dmitri, Frances, Jake, Latasha, Rosa, and Nick. 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 Dmitri is a 24-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. Frances is a 24-year-old recent college graduate . She did not work for pay last week, but she had two job interviews. Jake is a 77-year-old retired professor. He enjoys volunteering at the local public library. 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 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 is a 13-year-old student at Southside 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? 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? O 33.33% 40% 50% 60%
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:2. Measuring employment, unemployment, and labor force participation
Consider a small economy composed of six people: Dmitri, Frances, Jake, Latasha, Rosa, and Nick. 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
Dmitri is a 24-year-old professional tennis player. When he's not competing, he works as a
coach at a local tennis club.
Frances is a 24-year-old recent college graduate
She did not work for pay last week, but she had two job
interviews.
Jake is a 77-year-old retired professor. He enjoys volunteering at the local public library.
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 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 is a 13-year-old student at Southside 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?
O 33.33%
O 40%
O 50%
O 60%
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