Consider a tiny hypothetical economy composed entirely of the following people: Jake, Latasha, Nick, Rosa, Alyssa, and Tim. Each person's employment status is given 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 Jake is a 45-year-old steelworker 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. Latasha is a 30-year-old professional hockey player She finished her last season as a player 3 weeks ago and is currently interviewing for at coaching position. Nick is a 79-year-old retired professor. He enjoys volunteering at the local public library. Alyssa is a 31-year-old science teacher who taught at River Rock 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. Tim is a 20-year-old American Studies major at the University of Alabama. It's summer now, and he is working as a lifeguard in Memphis, Tennessee. Rosa is a 10-year-old student at Moutain River Middle School. She babysits her younger siblings and does other chores, so her parents give her an allowance of $25 per week. Status
Consider a tiny hypothetical economy composed entirely of the following people: Jake, Latasha, Nick, Rosa, Alyssa, and Tim. Each person's employment status is given 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 Jake is a 45-year-old steelworker 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. Latasha is a 30-year-old professional hockey player She finished her last season as a player 3 weeks ago and is currently interviewing for at coaching position. Nick is a 79-year-old retired professor. He enjoys volunteering at the local public library. Alyssa is a 31-year-old science teacher who taught at River Rock 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. Tim is a 20-year-old American Studies major at the University of Alabama. It's summer now, and he is working as a lifeguard in Memphis, Tennessee. Rosa is a 10-year-old student at Moutain River Middle School. She babysits her younger siblings and does other chores, so her parents give her an allowance of $25 per week. Status
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 3CQ
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Question
Please answer everything in the photos.

Transcribed Image Text: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%
50%
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?
40%
50%
80%
100%
+

Transcribed Image Text:Consider a tiny hypothetical economy composed entirely of the following people: Jake, Latasha, Nick, Rosa, Alyssa, and Tim. Each person's
employment status is given 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
Jake is a 45-year-old steelworker 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.
Latasha is a 30-year-old professional hockey player
. She finished her last season as a player 3 weeks ago and is currently interviewing for a
coaching position.
Nick is a 79-year-old retired professor. He enjoys volunteering at the local public library.
Alyssa is a 31-year-old science teacher who taught at River Rock 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.
Tim is a 20-year-old American Studies major at the University of Alabama. It's summer
now, and he is working as a lifeguard in Memphis, Tennessee.
Rosa is a 10-year-old student at Moutain River Middle School. She babysits her younger
siblings and does other chores, so her parents give her an allowance of $25 per week.
Status
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