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Consider a tiny hypothetical economy composed entirely of the following people: Kevin, Maria, Rajiv, Simone, Ana, and Yakov. 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 Kevin is a 49-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. Maria is a 27-year-old 'recent college graduate She did not work for pay last week, but she had two job interviews. Rajiv is a 79-year-old retired professor. He enjoys volunteering at the local public library. Ana 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. Yakov 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. Simone is a 12-year-old student at River Rountain Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $20 per week. Status Employed Not in the labor force Unemployed Unemployed Employed Not in the adult population

Consider a tiny hypothetical economy composed entirely of the following people: Kevin, Maria, Rajiv, Simone, Ana, and Yakov. 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 Kevin is a 49-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. Maria is a 27-year-old 'recent college graduate She did not work for pay last week, but she had two job interviews. Rajiv is a 79-year-old retired professor. He enjoys volunteering at the local public library. Ana 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. Yakov 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. Simone is a 12-year-old student at River Rountain Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $20 per week. Status Employed Not in the labor force Unemployed Unemployed Employed Not in the adult population

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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1. Measuring employment, unemployment, and labor force participation Consider a tiny hypothetical economy composed entirely of the following people: Kevin, Maria, Rajiv, Simone, Ana, and Yakov. 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 Kevin is a 49 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. Maria is a 27-year-old recent college graduate She did not work for pay last week, but she had two job interviews. Rajiv is a 79-year-old retired professor. He enjoys volunteering at the local public library. Ana 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. Yakov 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. Simone is a 12-year-old student at River Rountain Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $20 per week. Status Employed Not in the labor force Unemployed Unemployed Employed Not in the adult population
Transcribed Image Text:1. Measuring employment, unemployment, and labor force participation Consider a tiny hypothetical economy composed entirely of the following people: Kevin, Maria, Rajiv, Simone, Ana, and Yakov. 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 Kevin is a 49 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. Maria is a 27-year-old recent college graduate She did not work for pay last week, but she had two job interviews. Rajiv is a 79-year-old retired professor. He enjoys volunteering at the local public library. Ana 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. Yakov 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. Simone is a 12-year-old student at River Rountain Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $20 per week. Status Employed Not in the labor force Unemployed Unemployed Employed Not in the adult population
Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS. 100x Number in Labor Force Adult Population 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% 100% Complete the right half of the following equation to reflect the unemployment rate reported by the BLS. Number of Unemployed Workers Unemployment Rate 40% 50% = According to this formula, what is the unemployment rate of this economy of six people? 80% = 100% 100 x
Transcribed Image Text:Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS. 100x Number in Labor Force Adult Population 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% 100% Complete the right half of the following equation to reflect the unemployment rate reported by the BLS. Number of Unemployed Workers Unemployment Rate 40% 50% = According to this formula, what is the unemployment rate of this economy of six people? 80% = 100% 100 x
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