Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![### Understanding Unemployment Rates
#### How to Calculate the Unemployment Rate:
Complete the right half of the following equation to reflect the unemployment rate reported by the Bureau of Labor Statistics (BLS).
\[ \text{Unemployment Rate} = \]
According to this formula, what is the unemployment rate of this economy of six people?
- [ ] 33.33%
- [ ] 40%
- [ ] 50%
- [ ] 60%
#### Explanation
To calculate the unemployment rate, the following formula is generally used:
\[ \text{Unemployment Rate} = \left( \frac{\text{Number of Unemployed People}}{\text{Total Labor Force}} \right) \times 100 \]
Where:
- **Number of Unemployed People**: The number of people who are actively seeking work but are currently without jobs.
- **Total Labor Force**: The sum of the employed and the unemployed people who are actively seeking work.
In the context of this example, you are asked to determine the correct unemployment rate for an economy consisting of six people. Using the provided options and the context, you can practice calculating the unemployment rate by inserting the relevant numbers into the formula.
For a practical example, if out of 6 people, 2 are unemployed:
\[ \text{Unemployment Rate} = \left( \frac{2}{6} \right) \times 100 = 33.33\% \]
Hence, you would select the first option (33.33%).
#### Interactive Learning:
Engage yourself by trying out different numbers of unemployed people and total labor force scenarios to see how the unemployment rate changes. This will enhance your understanding of labor economics and the methods used by statisticians to measure economic health.
#### Conclusion:
Understanding and calculating the unemployment rate is a fundamental skill in economics. It helps in assessing the health of the labor market and forms the basis for economic policy decisions.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F312d8763-4e5f-430b-b9b4-0d2c69ac117c%2F470bdbd3-aab2-4fbd-826a-e88e08951aa6%2Fnt465fy_processed.png&w=3840&q=75)
Transcribed Image Text:### Understanding Unemployment Rates
#### How to Calculate the Unemployment Rate:
Complete the right half of the following equation to reflect the unemployment rate reported by the Bureau of Labor Statistics (BLS).
\[ \text{Unemployment Rate} = \]
According to this formula, what is the unemployment rate of this economy of six people?
- [ ] 33.33%
- [ ] 40%
- [ ] 50%
- [ ] 60%
#### Explanation
To calculate the unemployment rate, the following formula is generally used:
\[ \text{Unemployment Rate} = \left( \frac{\text{Number of Unemployed People}}{\text{Total Labor Force}} \right) \times 100 \]
Where:
- **Number of Unemployed People**: The number of people who are actively seeking work but are currently without jobs.
- **Total Labor Force**: The sum of the employed and the unemployed people who are actively seeking work.
In the context of this example, you are asked to determine the correct unemployment rate for an economy consisting of six people. Using the provided options and the context, you can practice calculating the unemployment rate by inserting the relevant numbers into the formula.
For a practical example, if out of 6 people, 2 are unemployed:
\[ \text{Unemployment Rate} = \left( \frac{2}{6} \right) \times 100 = 33.33\% \]
Hence, you would select the first option (33.33%).
#### Interactive Learning:
Engage yourself by trying out different numbers of unemployed people and total labor force scenarios to see how the unemployment rate changes. This will enhance your understanding of labor economics and the methods used by statisticians to measure economic health.
#### Conclusion:
Understanding and calculating the unemployment rate is a fundamental skill in economics. It helps in assessing the health of the labor market and forms the basis for economic policy decisions.
![### Analyzing Employment Status Categories Based on Bureau of Labor Statistics (BLS) Criteria
**Instructions:**
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.
#### Employment Status Table
| Person | Status |
|--------|-------|
| **Dmitri** is a 74-year-old professor. He teaches only one or two courses a year, but he’s still pursuing an active research agenda. | Employment Status: **[Dropdown]** |
| **Frances** is a 24-year-old recent college graduate. She did not work for pay last week, but she had two job interviews. | Employment Status: **[Dropdown]** |
| **Jake** is a 79-year-old retired professor. He enjoys volunteering at the local public library. | Employment Status: **[Dropdown]** |
| **Rosa** is a 29-year-old who lost her job as an associate producer for a radio station. 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. | Employment Status: **[Dropdown]** |
| **Nick** is a famous novelist. He is spending the summer at his lake house in upstate New York, doing a little writing each day but mostly spending his time gardening and reading. | Employment Status: **[Dropdown]** |
| **Latasha** is a 13-year-old student at West Valley Middle School. She baby-sits her younger sister and does other chores for which her parents give her an allowance of $20 per week. | Employment Status: **[Dropdown]** |
**Explanation of Employment Categories:**
1. **Employed:** Individuals who have jobs.
2. **Unemployed:** Individuals who do not have a job, have actively looked for work in the previous 4 weeks, and are currently available for work.
3. **Not in the labor force:** Individuals who are neither employed nor unemployed, often because they are retired, full-time students, or have other personal responsibilities.
4. **Not in the adult population:** Individuals who are under 16 years old or otherwise](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F312d8763-4e5f-430b-b9b4-0d2c69ac117c%2F470bdbd3-aab2-4fbd-826a-e88e08951aa6%2Fkinpkk9_processed.png&w=3840&q=75)
Transcribed Image Text:### Analyzing Employment Status Categories Based on Bureau of Labor Statistics (BLS) Criteria
**Instructions:**
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.
#### Employment Status Table
| Person | Status |
|--------|-------|
| **Dmitri** is a 74-year-old professor. He teaches only one or two courses a year, but he’s still pursuing an active research agenda. | Employment Status: **[Dropdown]** |
| **Frances** is a 24-year-old recent college graduate. She did not work for pay last week, but she had two job interviews. | Employment Status: **[Dropdown]** |
| **Jake** is a 79-year-old retired professor. He enjoys volunteering at the local public library. | Employment Status: **[Dropdown]** |
| **Rosa** is a 29-year-old who lost her job as an associate producer for a radio station. 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. | Employment Status: **[Dropdown]** |
| **Nick** is a famous novelist. He is spending the summer at his lake house in upstate New York, doing a little writing each day but mostly spending his time gardening and reading. | Employment Status: **[Dropdown]** |
| **Latasha** is a 13-year-old student at West Valley Middle School. She baby-sits her younger sister and does other chores for which her parents give her an allowance of $20 per week. | Employment Status: **[Dropdown]** |
**Explanation of Employment Categories:**
1. **Employed:** Individuals who have jobs.
2. **Unemployed:** Individuals who do not have a job, have actively looked for work in the previous 4 weeks, and are currently available for work.
3. **Not in the labor force:** Individuals who are neither employed nor unemployed, often because they are retired, full-time students, or have other personal responsibilities.
4. **Not in the adult population:** Individuals who are under 16 years old or otherwise
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