Consider a tiny hypothetical economy composed entirely of the following people: Larry, Megan, Raphael, Susan, Becky, and Alex. 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 Larry is a 70-year-old professor. He teaches only one or two courses a year, but still publishes research at a productive rate. Megan is a 44-year-old steelworker who was just laid off by her employer . She is trying to find any kind of job to help make ends meet. Raphael is a 78-year-old retired professor. He enjoys volunteering at the local public library. Becky is a 29-year-old who lost her job as an associate producer for a podcast. 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. Alex is a famous novelist. He is spending the summer at his lake house Wisconsin, doing a little writing each day but mostly spending his time gardening and reading. Susan is a 13-year-old student at River Mountain Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $20 per week. Status 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% 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? 33.33% 40% O 50% O 60%
Consider a tiny hypothetical economy composed entirely of the following people: Larry, Megan, Raphael, Susan, Becky, and Alex. 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 Larry is a 70-year-old professor. He teaches only one or two courses a year, but still publishes research at a productive rate. Megan is a 44-year-old steelworker who was just laid off by her employer . She is trying to find any kind of job to help make ends meet. Raphael is a 78-year-old retired professor. He enjoys volunteering at the local public library. Becky is a 29-year-old who lost her job as an associate producer for a podcast. 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. Alex is a famous novelist. He is spending the summer at his lake house Wisconsin, doing a little writing each day but mostly spending his time gardening and reading. Susan is a 13-year-old student at River Mountain Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $20 per week. Status 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% 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? 33.33% 40% O 50% O 60%
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Consider a tiny hypothetical economy composed entirely of the following people: Larry, Megan, Raphael, Susan, Becky, and Alex. 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
Larry is a 70-year-old professor. He teaches only one or two courses a year, but still
publishes research at a productive rate.
Megan is a 44-year-old steelworker who was just laid off by her employer
. She is trying to find any kind of job to help make ends meet.
Raphael is a 78-year-old retired professor. He enjoys volunteering at the local public
library.
Becky is a 29-year-old who lost her job as an associate producer for a podcast. 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.
Alex is a famous novelist. He is spending the summer at his lake house Wisconsin, doing a
little writing each day but mostly spending his time gardening and reading.
Susan is a 13-year-old student at River Mountain Middle School. She babysits her younger
brother and does other chores, so her parents give her an allowance of $20 per week.
Status
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 33.33%
O 40%
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?
33.33%
40%
O 50%
O 60%
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