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 Felix is a 21-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. Janet is a 24-year-old recent college graduate She did not work for pay last week, but she had two job interviews. Larry is a 47-year-old accountant who has been out of work for almost a year. He became so discouraged that he gave up on his job search a couple of months ago. Susan is a 26-year-old who lost her job as a copy editor for a local newspaper. She has spent the past few weeks out of work and interviewing for other editing jobs. She is thinking about going back to grad school if her job search doesn't succeed after a few more weeks. Raphael is a 17-year-old who just graduated from high school. He is taking it easy this summer, relaxing by the pool with his friends and family, and volunteering part-time at the local nursing home. Megan is a 12-year-old student at River Rock Middle School. She babysits her younger cousin and does other chores, so her parents give her allowance of $20 per week. Status
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 Felix is a 21-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. Janet is a 24-year-old recent college graduate She did not work for pay last week, but she had two job interviews. Larry is a 47-year-old accountant who has been out of work for almost a year. He became so discouraged that he gave up on his job search a couple of months ago. Susan is a 26-year-old who lost her job as a copy editor for a local newspaper. She has spent the past few weeks out of work and interviewing for other editing jobs. She is thinking about going back to grad school if her job search doesn't succeed after a few more weeks. Raphael is a 17-year-old who just graduated from high school. He is taking it easy this summer, relaxing by the pool with his friends and family, and volunteering part-time at the local nursing home. Megan is a 12-year-old student at River Rock Middle School. She babysits her younger cousin and does other chores, so her parents give her allowance of $20 per week. Status
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text: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
Felix is a 21-year-old professional tennis player. When he's not competing, he works as a
coach at a local tennis club.
Janet is a 24-year-old recent college graduate
She did not work for pay last week, but she had two job interviews.
.
Larry is a 47-year-old accountant who has been out of work for almost a year. He became
so discouraged that he gave up on his job search a couple of months ago.
Susan is a 26-year-old who lost her job as a copy editor for a local newspaper. She has
spent the past few weeks out of work and interviewing for other editing jobs. She is
thinking about going back to grad school if her job search doesn't succeed after a few
more weeks.
Raphael is a 17-year-old who just graduated from high school. He is taking it easy this
summer, relaxing by the pool with his friends and family, and volunteering part-time at
the local nursing home.
Megan is a 12-year-old student at River Rock Middle School. She babysits her younger
cousin and does other chores, so her parents give her an allowance of $20 per week.
Status
Transcribed Image Text:Labor Force Participation Rate
According to this formula, what is the labor force participation rate of this economy of six people?
20%
60%
66.67%
200%
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?
20%
60%
66.67%
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