Consider a small economy composed of six people: Yakov, Ana, Charles, Dina, Juanita, and Gilberto. 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 Yakov is a 43-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. Ana is a 35-year-old professional basketball player . She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Charles is a 41-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Juanita is a 31-year-old science teacher who taught at West Valley 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. Gilberto is a 20-year-old American Studies major at the University of Tennessee. It's summer now, and he is working as a lifeguard in Mobile, Alabama. Dina 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. 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? 40% O 50% O 80%
Consider a small economy composed of six people: Yakov, Ana, Charles, Dina, Juanita, and Gilberto. 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 Yakov is a 43-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. Ana is a 35-year-old professional basketball player . She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Charles is a 41-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Juanita is a 31-year-old science teacher who taught at West Valley 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. Gilberto is a 20-year-old American Studies major at the University of Tennessee. It's summer now, and he is working as a lifeguard in Mobile, Alabama. Dina 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. 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? 40% O 50% O 80%
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:1. Measuring employment, unemployment, and labor force participation
Consider a small economy composed of six people: Yakov, Ana, Charles, Dina, Juanita, and Gilberto. 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
Yakov is a 43-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.
Ana is a 35-year-old professional basketball player
. She finished her last season as a player 3 weeks ago and is currently interviewing for a
coaching position.
Charles is a 41-year-old graphic designer who is taking 2 years off from work to care for
his small daughter.
Juanita is a 31-year-old science teacher who taught at West Valley 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.
Gilberto is a 20-year-old American Studies major at the University of Tennessee. It's
summer now, and he is working as a lifeguard in Mobile, Alabama.
Dina 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.
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 40%
O 50%
O 80%
O 100%
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 40%
O 50%
O 80%
O 100%
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
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
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
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)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
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-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education