Question

Consider a small economy composed of six people: Felix, Janet, Larry, Megan, Susan, and Raphael. 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 Felix is a 42-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. Janet is a 34-year-old professional basketball player . She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Larry is a 45-year-old accountant who has been out of work for almost a year. He became so discouraged that he gave up on his job search a couple of months ago. Susan 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. Raphael 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. Megan 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.

Answer 1

Answer:

Person	Status
Felix is a 42-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	Employed
Janet is a 34-year-old professional basketball player . She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position.	Unemployed
Larry is a 45-year-old accountant who has been out of work for almost a year. He became so discouraged that he gave up on his job search a couple of months ago.	Not in the labor force(Since he is not actively looking for a job)
Susan 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.	Unemployed
Raphael 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.	Employed
Megan 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.	Not in the adult population

Number of people employed = 2, Number of people unemployed = 2, Not in Labor force = 1,

Not in the adult population = 1, Adult Population = 5

Labor force participation rate = Number of people employed + Number of people unemployed / Adult population = 2 + 2 / 5 = 4/5 = 0.8 = 80%

Hence labor Force Participation rate = 80%

Unemployment rate = Number of people unemployed / [Number of people employed + Number of people unemployed]

= 2 / 4 = 0.5 = 50%

Unemployment Rate = 50%