Question

Macroeconomic

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1. Measuring unemployment and labor force participation A Aa Consider a small economy composed of six people: Eric, Madeline, Daesun, Laura, Tim, and Yvonne. Each person's employment status is described in the following table Based on the criteria used by the Bureau of Labor Statistics (BLS), classify each person as employed, unemployed, not in the labor force but still part of the (civilian, noninstitutionalized) adult population, or not in the (civilla noninstitutionalized) adult population. Person Status Tim is a 34 year-old who lost his job as an associate producer for a radio station. After spending a few weeks out of work and interviewing for several other positions, he gave up on his job search a few months ago and has decided to go grad school. Not in adult population Employed Madeline is a 27-year-old recent college graduate. She did not work for pay last week, Unemployed but she went for two job interviews. Eric is a 72-year-old professor. He teaches only one or two courses a year, but he's still pursuing an active research agenda. Daesun is a 42-year-old accountant who has been out of work for almost a year. He became so discouraged that, a couple of months ago, he gave up on his job search Laura is a 12-year-old student at West Valley Middle School. She babysits her younger sister and does other chores, for which her parents give her an allowance of $20 per week Not in labor force Yvonne is a famous novelist. She is spending the summer at her lake house in upstate New York, doing a little writing each day but mostly spending her time gardening and reading The labor force participation rate reported by the BLS is given by the following formula Number in Labor Force Civilian, Noninstitutionalized Adult Population Labor Force Participation Rate

Answer 1

1. Measuring unemployment and labor force Aa Aa Number in Labor Force Labor Force Participation Rate small economy composed of six people: Eric, Madeline, Deesun, Laura, Tim, and Yvonne. Each person's Civilian, Noninstitutionalized Adult Population employment status is descibed in the following table. Based on the criteria used by the in the labor force but still part of the (civillian noninstitutionalized) adult population. Bureau of Labor Statistics (BLS), classify each person as employed, unemployed, not noninstitutionalized) adult population, or not in the (civilian, Using this definition, what is the labor force participation rate of this economy of six people? Q 67% 80% 3396 60% 5096 Person :3/5*100-60% im is a 34 year-old who lost his job as an associate producer for a radio station. After spending a few weeks out of work and interviewing for several other positions, he gave up on his job search a few months ago and has decided to go grad school. Madeline is a 27-year-old recent college graduate. She did not work for pay last week but she went for two job interviews Eric is a 72-year-old professor. He teaches only one or two courses a year, but he's still pursuing an active research agenda Daesun is a 42-year-old accountant who has been out of work for almost a year. He became so discouraged that, a couple of months ago, he gave up on his job search. Laura is a 12-year-old student at West Valley Middle School. She babysits her younger sister and does other chores, for which her parents give her an allowance of $20 per Not in Labor Force Not in aduit population Employed Unemployed Not in labor force Unemployed The unemployment rate reported by the BLS is given by the following formula: Employed Number of Unemployed Workers Number in Labor Force Not in Labor Force Not in Adult Population According to this formula, what is the unemployment rate of this economy of six people? Yvonne is a famous novelist. She is spending the summer at her lake house in upstate New York, doing a little writing each day but mostly spending her time gardening and reading 67% 50% 80% 60% 33% Employed 1/3*100-33.33% or 33% 9 The labor force participation rate reported by the BLS is given by the following formula: O force Particpation RateNumber in Lao