Homework Help is Here – Start Your Trial Now!
Business
Economics
Consider a tiny hypothetical economy composed entirely of the following people: Jake, Latasha, Nick, Rosa, Alyssa, and Tim. Each person's employment status is given 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 Jake is a 45-year-old steelworker 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. Latasha is a 30-year-old professional hockey player She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Nick is a 79-year-old retired professor. He enjoys volunteering at the local public library. Alyssa is a 31-year-old science teacher who taught at River Rock 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. Tim is a 20-year-old American Studies major at the University of Alabama. It's summer now, and he is working as a lifeguard in Memphis, Tennessee. Rosa is a 10-year-old student at Moutain River Middle School. She babysits her younger siblings and does other chores, so her parents give her an allowance of $25 per week. Status

Consider a tiny hypothetical economy composed entirely of the following people: Jake, Latasha, Nick, Rosa, Alyssa, and Tim. Each person's employment status is given 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 Jake is a 45-year-old steelworker 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. Latasha is a 30-year-old professional hockey player She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Nick is a 79-year-old retired professor. He enjoys volunteering at the local public library. Alyssa is a 31-year-old science teacher who taught at River Rock 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. Tim is a 20-year-old American Studies major at the University of Alabama. It's summer now, and he is working as a lifeguard in Memphis, Tennessee. Rosa is a 10-year-old student at Moutain River Middle School. She babysits her younger siblings and does other chores, so her parents give her an allowance of $25 per week. Status

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question
Please answer everything in the photo.
Consider a tiny hypothetical economy composed entirely of the following people: Jake, Latasha, Nick, Rosa, Alyssa, and Tim. Each person's employment status is given 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 Jake is a 45-year-old steelworker 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. Latasha is a 30-year-old professional hockey player . She finished her last season as a player 3 weeks ago and is currently interviewing for at coaching position. Nick is a 79-year-old retired professor. He enjoys volunteering at the local public library. Alyssa is a 31-year-old science teacher who taught at River Rock 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. Tim is a 20-year-old American Studies major at the University of Alabama. It's summer now, and he is working as a lifeguard in Memphis, Tennessee. Rosa is a 10-year-old student at Moutain River Middle School. She babysits her younger siblings and does other chores, so her parents give her an allowance of $25 per week. Status
Transcribed Image Text:Consider a tiny hypothetical economy composed entirely of the following people: Jake, Latasha, Nick, Rosa, Alyssa, and Tim. Each person's employment status is given 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 Jake is a 45-year-old steelworker 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. Latasha is a 30-year-old professional hockey player . She finished her last season as a player 3 weeks ago and is currently interviewing for at coaching position. Nick is a 79-year-old retired professor. He enjoys volunteering at the local public library. Alyssa is a 31-year-old science teacher who taught at River Rock 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. Tim is a 20-year-old American Studies major at the University of Alabama. It's summer now, and he is working as a lifeguard in Memphis, Tennessee. Rosa is a 10-year-old student at Moutain River Middle School. She babysits her younger siblings and does other chores, so her parents give her an allowance of $25 per week. Status
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% O 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% O 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%
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Labor employment
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS