Consider a tiny hypothetical economy composed entirely of the following people: Alex, Becky, Clancy, Eileen, Kate, and Hubert. Each person'semployment 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" (ifnot 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.PersonAlex is a 75-year-old professor. He teaches only one or two courses a year, but stillpublishes research at a productive rate.Becky is a 32-year-old professional hockey player. She finished her last season as a player 3 weeks ago and is currently interviewing for acoaching position.Clancy is a 79-year-old retired professor. He enjoys volunteering at the local public library.Kate 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 atutor.Hubert is a 20-year-old American Studies major at the University of Alabama. It's summernow, and he is working as a lifeguard in Memphis, Tennessee.Eileen is a 12-year-old student at River Mountain Middle School. She babysits her youngerbrother and does other chores, so her parents give her an allowance of $30 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?O 40%O 50%80%O 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?O 40%O 50%O 80%StatusO 100%

Defining Employment and Unemployment The Bureau of Labor Statistics (BLS) sets the criteria for…

oyment status is given in the following table. d on the criteria used by the Bureau of Labor Statistics (BLS), identify each person's status as employed, unemployed, "not in the labo the civilian labor force but still part of the adult population), or "not in the adult population" if not in the civilian adult population. Status -son x is a 75-year-old professor. He teaches only one or two courses a year, but still lishes research at a productive rate. ky is a 32-year-old professional hockey player he finished her last season as a player 3 weeks ago and is currently interviewing for a ching position. ncy is a 79-year-old retired professor. He enjoys volunteering at the local public library. e is a 31-year-old science teacher who taught at River Rock Middle School last year. to budget cuts, she was laid off at the end of the school year. It's the summer now, after a few weeks of vacation with her family, she is looking for a part-time job as a r. pert is a 20-year-old American Studies major at the University of Alabama. It's summer , and he is working as a lifeguard in Memphis, Tennessee. en is a 12-year-old student at River Mountain Middle School. She babysits her younger ther and does other chores, so her parents give her an allowance of $30 per week. plete the right half of the following equation to reflect the labor force participation rate reported by the BLS. r Force Participation Rate = ding to this formula, what is the labor force participation rate of this economy of six people? 40% 50% 80% 100%

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter12: Business Cycles And Unemployment

Section: Chapter Questions

Problem 10SQP