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1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Larry, Megan, Raphael, Susan, Becky, and Alex. Each person's employment status is describec 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 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 25-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. Megan is a 27-year-old recent college graduate . She did not work for pay last week, but she had two job interviews. Raphael is a 37-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Becky 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. Alex 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. Susan is a 12-year-old student at West Valley Middle School. She babysits her younger sister and does other chores, so her parents give her an allowance of $25 per week. Status

1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Larry, Megan, Raphael, Susan, Becky, and Alex. Each person's employment status is describec 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 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 25-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. Megan is a 27-year-old recent college graduate . She did not work for pay last week, but she had two job interviews. Raphael is a 37-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Becky 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. Alex 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. Susan is a 12-year-old student at West Valley Middle School. She babysits her younger sister and does other chores, so her parents give her an allowance of $25 per week. Status

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter21: Unemployment
Section: Chapter Questions
Problem 16RQ: Assess whether the following would be counted as unemployed in the Current Employment Statistics...
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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% 80% 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: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% 80% 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%
1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Larry, Megan, Raphael, Susan, Becky, and Alex. 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 Larry is a 25-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. Megan is a 27-year-old recent college graduate . She did not work for pay last week, but she had two job interviews. Raphael is a 37-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Becky 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. Alex 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. Susan is a 12-year-old student at West Valley Middle School. She babysits her younger sister and does other chores, so her parents give her an allowance of $25 per week. Status
Transcribed Image Text:1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Larry, Megan, Raphael, Susan, Becky, and Alex. 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 Larry is a 25-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. Megan is a 27-year-old recent college graduate . She did not work for pay last week, but she had two job interviews. Raphael is a 37-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Becky 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. Alex 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. Susan is a 12-year-old student at West Valley Middle School. She babysits her younger sister and does other chores, so her parents give her an allowance of $25 per week. Status
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