Consider a small economy composed of six people: Tim, Alyssa, Brian, Crystal, Hilary, and Edison. Each person's employment status is described in the following table. Based on the criteria used by Statistics Canada, identify each person's status as Employed, Unemployed, "Not in the labour force" if not in the labour force but still part of the adult population, or "Not in the adult population" if not in the adult population. Person Tim is a 72-year-old professor. He teaches only one or two courses a year, but he's still pursuing an active research agenda. Alyssa 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. Brian is a 42-year-old accountant who has been out of work for almost a year. He became so discouraged that, a couple of months ago, he gave up on his job search. Hilary is a 31-year-old science teacher who taught at Okanagan Middle School last year. Due to budget cuts, she was laid off at the end of the school year. It's the summer now, and after a few weeks of vacation with her family, she is looking for a part-time job as a tutor. Edison is a 20-year-old American studies major at the University of Alberta. It's summer now, and he is working as a lifeguard in Victoria, British Columbia. Crystal is 12 years old and a student at East Valley Middle School. She baby-sits her younger brother and does other chores for which her parents give her an allowance of $25 per week. Status Employed Unemployed Not in the labour force Unemployed Not in the labour force Not in the adult population
Consider a small economy composed of six people: Tim, Alyssa, Brian, Crystal, Hilary, and Edison. Each person's employment status is described in the following table. Based on the criteria used by Statistics Canada, identify each person's status as Employed, Unemployed, "Not in the labour force" if not in the labour force but still part of the adult population, or "Not in the adult population" if not in the adult population. Person Tim is a 72-year-old professor. He teaches only one or two courses a year, but he's still pursuing an active research agenda. Alyssa 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. Brian is a 42-year-old accountant who has been out of work for almost a year. He became so discouraged that, a couple of months ago, he gave up on his job search. Hilary is a 31-year-old science teacher who taught at Okanagan Middle School last year. Due to budget cuts, she was laid off at the end of the school year. It's the summer now, and after a few weeks of vacation with her family, she is looking for a part-time job as a tutor. Edison is a 20-year-old American studies major at the University of Alberta. It's summer now, and he is working as a lifeguard in Victoria, British Columbia. Crystal is 12 years old and a student at East Valley Middle School. She baby-sits her younger brother and does other chores for which her parents give her an allowance of $25 per week. Status Employed Unemployed Not in the labour force Unemployed Not in the labour force Not in the adult population
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Consider a small economy composed of six people: Tim, Alyssa, Brian, Crystal, Hilary, and Edison. Each person's employment status is described in
the following table. Based on the criteria used by Statistics Canada, identify each person's status as Employed, Unemployed, "Not in the labour force"
if not in the labour force but still part of the adult population, or "Not in the adult population" if not in the adult population.
Person
Tim is a 72-year-old professor. He teaches only one or two courses a year, but he's still
pursuing an active research agenda.
Alyssa 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.
Brian is a 42-year-old accountant who has been out of work for almost a year. He became
so discouraged that, a couple of months ago, he gave up on his job search.
Hilary is a 31-year-old science teacher who taught at Okanagan Middle School last year.
Due to budget cuts, she was laid off at the end of the school year. It's the summer now,
and after a few weeks of vacation with her family, she is looking for a part-time job as a
tutor.
Edison is a 20-year-old American studies major at the University of Alberta. It's summer
now, and he is working as a lifeguard in Victoria, British Columbia.
Crystal is 12 years old and a student at East Valley Middle School. She baby-sits her
younger brother and does other chores for which her parents give her an allowance of $25
per week.
40%
O 50%
80%
100%
Complete the right half of the following equation to reflect the labour-force participation rate reported by Statistics Canada.
Labour-Force Participation Rate = 100 x Number of Employed Workers
Adult Population
According to this formula, what is the labour-force participation rate of this economy of six people?
Status
Employed
40%
Unemployed
50%
Not in the labour force
80%
Unemployed
100%
Not in the labour force
Complete the right half of the following equation to reflect the unemployment rate reported by Statistics Canada.
Unemployment Rate =
Not in the adult population ▾
According to this formula, what is the unemployment rate of this economy of six people?
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