CSecure https/ing.cengage.com/static/mb/ui/evo/index.ht mi7deploymentid 55725919
ID: 1160407 • Letter: C
Question
CSecure https/ing.cengage.com/static/mb/ui/evo/index.ht mi7deploymentid 557259190158197055341954258eiS8N-9781305650 MINDTAP Aplia Homework: Unemployment and inflation Average:1S Attempts 1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Shen, Valerie, Antonio, Caroline, Frances, and Dmitri. Each person's employment status is described in the following table. on the criteris used by the Bureau of Labor Statistics (BLS), identiry each person's status as Employed, Unemployed, "Not in the labor force"i not in the civilian labor force but stll part of the adult population, or "Not in the adult population" I not in the clivillan adult population. Person Status Shen is a 24 year-old professional tennis player. when he's not competing, he works as a coach at a local tennis club. Valerie is a 36-year-old autoworker who was just laid off by her employer She is trying to find any kind of job to help make ends meet Antonio is a 42-year-oid accountant who has been out of work for almost a became so discouraged that, a couple of months age, he gave up on his job search. Frances is a 31-year-old scilence 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 turor Omitn 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. Caroline is a 13-year-old student at East Valley Middle School. She baby-sits her younger brother and does other chores for which her parents give her an alowance of $20 per weekExplanation / Answer
Shen is in adult population and is employed as he has a coaching job when he is not competing.
Valerie is in adult population and is unemployed because she is currently not having any job but is actively looking for one.
Antonio is in adult population but he is not in labor force because, he is not actively looking for a job and discouraged workers are not considered to be a part of Labor force.
Frances is in adult population and unemployed because she is currently looking for a job.
Dmitri is in adult population and Employed, because he is currently having a job.
Caroline is not in the adult population therefore, she can't be considered to be in labor force.
Therefore, Total adult population = 5
No. of Employed = 2 and No. Of unemployed = 2
Labor force = no. Of employed + no. Of unemployed = 2+2 = 4
• 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?