Consider the following population in our sample town.a) How many people in this population according to the BLS are unemployed? Why?b) Calculate the unemployment rate.StatusUnpaid stay at home dad. Has not looked for a job in several yearsCollege president.Part-time welder. Actively looking for full time workSelf-employed full-time wedding singer.Full-time physician's assistant.Retired finance professor. Last applied for work 10 weeks agoLaid-off fork-lift operator expecting to be recalled.Works for a bicycle store. Age 70Manager of health food storeMuseum guard. Was not at work last week due to illnessHas never been employed. Looked for a job last week.Fired from job as an investment banker. Last looked for work three weeks ago.PersonAllenBenAllisonBrittanyCathyCalvinDianeDavidEvelynEliFloraFrank

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Asked Oct 21, 2019
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Consider the following population in our sample town.
a) How many people in this population according to the BLS are unemployed? Why?
b) Calculate the unemployment rate.
Status
Unpaid stay at home dad. Has not looked for a job in several years
College president.
Part-time welder. Actively looking for full time work
Self-employed full-time wedding singer.
Full-time physician's assistant.
Retired finance professor. Last applied for work 10 weeks ago
Laid-off fork-lift operator expecting to be recalled.
Works for a bicycle store. Age 70
Manager of health food store
Museum guard. Was not at work last week due to illness
Has never been employed. Looked for a job last week.
Fired from job as an investment banker. Last looked for work three weeks ago.
Person
Allen
Ben
Allison
Brittany
Cathy
Calvin
Diane
David
Evelyn
Eli
Flora
Frank
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Consider the following population in our sample town. a) How many people in this population according to the BLS are unemployed? Why? b) Calculate the unemployment rate. Status Unpaid stay at home dad. Has not looked for a job in several years College president. Part-time welder. Actively looking for full time work Self-employed full-time wedding singer. Full-time physician's assistant. Retired finance professor. Last applied for work 10 weeks ago Laid-off fork-lift operator expecting to be recalled. Works for a bicycle store. Age 70 Manager of health food store Museum guard. Was not at work last week due to illness Has never been employed. Looked for a job last week. Fired from job as an investment banker. Last looked for work three weeks ago. Person Allen Ben Allison Brittany Cathy Calvin Diane David Evelyn Eli Flora Frank

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Step 1

Answer -  By the definition of  Unemployment - A person is defined as unemployed if  they are jobless, but have looked for work in last 4 weeks and are  available for work .People who are neither employed nor defined as unemployed are not included in labour force.

Labour Force - Labour Force is the No. of people whoa are employed plus the no. unemployed people who are looking for work.

Part (a)-

Answer - By, the definition of unemployment and Labour Force we can say that out of sample of "12" people only  "3" People are unemployed. Those are  

Diane  - Beacuse he was laid off and expecting to be recalled . So, he is looking for Job and expecting to be recalled will come in the bracket of unemployed.

Flora - She never been employed ,But looked for Job last week .So, the definition of unemployment she come under the bracket of "Unemployed"

Frank  -He has been fired Job as an investment Banker . last looked for work three weeks ago.So, by definition he come under the bracket of "Unemployed"

Except thses "3"  all other are employed or not the part of labour force.

 

Step 2

b)

Answer - Unemployment Rate -  Unemployment rate, which is the number of unemployed people divided by the no. of people in the labor force.&...

no.of unemployed people
No.of people inlabor force
unemployment rate
3
unemployment rate=
9
unemployment rate=0.33
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no.of unemployed people No.of people inlabor force unemployment rate 3 unemployment rate= 9 unemployment rate=0.33

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