MINDTAP omework (Ch 28) Due Today at 1159 PM CDT Back to Assignument Attempts: 1
ID: 1158982 • Letter: M
Question
MINDTAP omework (Ch 28) Due Today at 1159 PM CDT Back to Assignument Attempts: 1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Yakow, Ana, Charles, Dina, Juanita, and Gilberto. Each person's employment status is described i Keep the tHlighest: 2/5 the following table. Based on the onteria used by the Bureau of Labor Statisties (BLS), dentify each person's status as employed, unemployed, not in the labor force( not in the crvdan labor force but stiu part of the adult population), or "not in the adult population, if not in the avdian adult population. Person Yakovs a 43-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. Ana is a 35-year-old professional basketball player She finished her last season as a player 3 weeks ago and is ourrently interviewing for a coaching position. Charles is a 41-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Juanita is a31-yeer-old science teacher who taught at West Valley Middle School last year Due to budget cuts, she was laid of 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 Giberto is a 20-year-old American Studies major at the University of Tennessee. It's summer now, and he is workking as a lifeguard in Mobile, Alabama. Dina is a 10-year-old student at East Valley Middle School. She babysits her younger brother and does other chores, so her parents give her an allonance of $25 per week. ? ??? ??? ?? Compiete the right haif of the following equation to reflect the labor force partiopation rate reported by the BLS Labor Force Participation Rate According to this formuls, what is the labor force participation rate of this economy of siox people?Explanation / Answer
Yakov is in adult population and having a part time job. Hence he would be considered as Employed and he is in Civilian labor force.
Ana is in adult population and is currently interviewing for a job. Hence she would be considered as unemployed and she is in Civilian labor force.
Charles is not looking for a job currently. Hence he would be considered as not in labor force , because he is in adult population but not in Civilian labor force.
Juanita is in adult population and is currently looking for a job. She is therefore considered to be in Civilian labor force and is unemployed.
Gilberto is employed and in adult population.
Dina is a 10 year old student. Therefore, she is not part of adult population and hence she is Not in labor force.
In this economy, Total population = 6
Total adult population = 5
No. Of people employed = 2
No. Of people unemployed = 2
Labor force = employed + unemployed = 4
Therefore, labor force participation rate = (labor force / adult population)*100 = (4/5)*100 = 80?
Unemployment rate = (no. Of unemployed / labor force)*100 = (2/4)*100 = 50?
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