1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Lorenzo, Neha, Sam, Teresa, Beth, and Andrew. 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 Lorenzo is a 24-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. Neha is a 40-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. Sam is a 37-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Beth is a 31-year-old science teacher who taught at West Valley 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 Andrew is a 20-year-old American Studies major at the University of Tennessee. It's summer now, and he is working as a lifeguard in Mobile, Alabama. Teresa is a 10-year-old student at Southside Middle School. She babysits her younger sister and does other chores, so her parents give her an allowance of $30 per week. Status Employed Unemployed Not in the labor force Unemployed Employed Not in the adult population
1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Lorenzo, Neha, Sam, Teresa, Beth, and Andrew. 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 Lorenzo is a 24-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. Neha is a 40-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. Sam is a 37-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Beth is a 31-year-old science teacher who taught at West Valley 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 Andrew is a 20-year-old American Studies major at the University of Tennessee. It's summer now, and he is working as a lifeguard in Mobile, Alabama. Teresa is a 10-year-old student at Southside Middle School. She babysits her younger sister and does other chores, so her parents give her an allowance of $30 per week. Status Employed Unemployed Not in the labor force Unemployed Employed Not in the adult population
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:1. Measuring employment, unemployment, and labor force participation
Consider a small economy composed of six people: Lorenzo, Neha, Sam, Teresa, Beth, and Andrew. 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
Lorenzo is a 24-year-old professional tennis player. When he's not competing, he works as
a coach at a local tennis club.
Neha is a 40-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.
Sam is a 37-year-old graphic designer who is taking 2 years off from work to care for his
small daughter.
Beth is a 31-year-old science teacher who taught at West Valley 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
Andrew is a 20-year-old American Studies major at the University of Tennessee. It's
summer now, and he is working as a lifeguard in Mobile, Alabama.
Teresa is a 10-year-old student at Southside Middle School. She babysits her younger
sister and does other chores, so her parents give her an allowance of $30 per week.
Status
Employed
Unemployed
Not in the labor force:
Unemployed
Employed
Not in the adult population
Transcribed Image Text:Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS.
Number of Employed Workers
Adal Population
Labor Force Participation Rate = 100 x
According to this formula, what is the labor force participation rate of this economy of six people?
40%
50%
80%
100%
Complete the right half of the following equation to reflect the unemployment rate reported by the BLS.
Number of employed Workers
Unemployment Rate = 100 x 5
According to this formula, what is the unemployment rate of this economy of six people?
40%
50%
80%
100%
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