BUSC 1A CHAPTER 6 (4) Consider a small economy composed of six people: Eric, Gin

Question

BUSC 1A CHAPTER 6 (4)

Consider a small economy composed of six people: Eric, Ginny, Kenji, Lucia, Sharon, and Paolo. 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 but still part of the civilian noninstitutional population, or "Not in the civilian noninstitutional population if not in the civilian noninstitutional population. Person Eric 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. Ginny is a 34-year-old professional basketball player Status Employed Not in the civilian noninstitutional population Not in the labor force She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Kenji is a 75-year-old retired professor. He enjoys volunteering at the local public library. Sharon is a 26-year-old who lost her job as a copyeditor for a local newspaper. She has spent the past few weeks out of work and interviewing for other editing jobs. She is thinking about going back to grad school if her job search doesn't succeed after a few more weeks. Paolo is a 17-year-old who just graduated from high school. He is taking it easy this summer, relaxing by the pool with his friends and family, and volunteering part-time at the local nursing home. Lucia is a 11-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 $25 per week.

Explanation / Answer

1. Employed, because employment definition doesn't focus whether it is part time or full time.

2. Unemployed, because she is in labour force and seeking employment

3. Not in labour force, because he is neither employed nor seeking employment

4. Unemployed, because she is in labour force and seeking employment.

5. Not in labor force because he is neither employed nor seeking employment

6. Not in civilian non-institutional population as she is not of 16 years of age

1. Labour force Participation rate= (Total labour force(either employed or seeking) / total civilian non-inst. population), Hence 3/5= 60%

2. Unemployment rate= (unemployed / total labour force)=2/3= 66.67%

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