Carlos is a 74-year-old professor. He teaches only one or two courses a year, but he's still pursuing an active research agenda. Deborah is a 23-year-old recent college graduate . She did not work for pay last week, but she had two job interviews. Felix is a 43-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. Megan 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. Larry 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. Janet is a 10-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 $30 per week. omplete the right half of the following equation to reflect the labor force participation rate reported by the BLS. abor Force Participation Rate = ccording to this formula, what is the labor force participation rate of this economy of six people?
Carlos is a 74-year-old professor. He teaches only one or two courses a year, but he's still pursuing an active research agenda. Deborah is a 23-year-old recent college graduate . She did not work for pay last week, but she had two job interviews. Felix is a 43-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. Megan 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. Larry 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. Janet is a 10-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 $30 per week. omplete the right half of the following equation to reflect the labor force participation rate reported by the BLS. abor Force Participation Rate = ccording to this formula, what is the labor force participation rate of this economy of six people?
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter13: Positive Externalities And Public Goods
Section: Chapter Questions
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Measuring employment, unemployment , and labor force participation
Consider a small economy composed of six people: Carlos, Deborah, Felix, Janet, Megan, and Larry. 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.
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