Consider a small economy composed of six people: Van, Amy, Carlos, Deborah, Janet, and Felix. 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 Status (employed/not in the labor force/not in the adult population/unemployed) Van is a 41-year-old autoworker who was laid off from his job 6 months ago. He is frustrated with his inability to find a new full-time position. Last week, he took a part-time job but was given only 3 hours of work. Amy is a 42-year-old autoworker who was just laid off by her employer. She is trying to find any kind of job to help make ends meet. Carlos is a 41-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Janet 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. Felix 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. Deborah is a 11-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. 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? A. 20% B. 60% C. 66.67% D. 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? A. 20% B. 60% C. 66.67% D. 200%

Consider a small economy composed of six people: Van, Amy, Carlos, Deborah, Janet, and Felix. 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 Status (employed/not in the labor force/not in the adult population/unemployed) Van is a 41-year-old autoworker who was laid off from his job 6 months ago. He is frustrated with his inability to find a new full-time position. Last week, he took a part-time job but was given only 3 hours of work. Amy is a 42-year-old autoworker who was just laid off by her employer. She is trying to find any kind of job to help make ends meet. Carlos is a 41-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Janet 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. Felix 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. Deborah is a 11-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. 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? A. 20% B. 60% C. 66.67% D. 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? A. 20% B. 60% C. 66.67% D. 200%

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Economic Fluctuations, Unemployment, And Inflation

Section: Chapter Questions

Problem 3CQ

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Question

Consider a small economy composed of six people: Van, Amy, Carlos, Deborah, Janet, and Felix. 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	Status (employed/not in the labor force/not in the adult population/unemployed)
Van is a 41-year-old autoworker who was laid off from his job 6 months ago. He is frustrated with his inability to find a new full-time position. Last week, he took a part-time job but was given only 3 hours of work.
Amy is a 42-year-old autoworker who was just laid off by her employer. She is trying to find any kind of job to help make ends meet.
Carlos is a 41-year-old graphic designer who is taking 2 years off from work to care for his small daughter.
Janet 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.
Felix 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.
Deborah is a 11-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.

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?

A. 20%

B. 60%

C. 66.67%

D. 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?

A. 20%

B. 60%

C. 66.67%

D. 200%

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