Question

Measuring employment, unemployment, and labor force participation

 Consider a small economy composed of six people: Paolo, Sharon, Van, Amy, Deborah, and Carlos. 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 civillian labor force but still part of the adult population), or "not in the adult population" if not in the civilian adult population.

 Person

 Paolo is a 47-ear-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.

 Sharon is a 24-year-old recent college graduate

 .She did not work for pay last week, but she had two job interviews.

 Van is a 41-year-old graphic designer who is taking 2 years off from work to care for his small daughter.

 Deborah is a 29-year-old who lost her job as an associate producer for a radio station. After spending a few weeks out of work and interviewing for several other positions, she gave up on her job search and decided to go back to grad school. She made that decision a few months ago.

 Carlos is a famous novelist. He is spending the summer at his lake house in upstate New York, doing a little writing each day but mostly spending his time gardening and reading.

Answer 1

Ans) Employed are those who work for profit or pay. Both full time and part time workers are considered as employed.

Unemployed are those who are currently not working anywhere but are actively looking for job or have looked for job in last 4 weeks. According to this definition those who are not looking for job are not considered as unemployed.

Those who do not find place in either of the above category are kept in third category known as not in labor force.