Consider a small economy composed of six people: Tim, Alyssa, Brian, Crystal, Hi
ID: 2495328 • Letter: C
Question
Consider a small economy composed of six people: Tim, Alyssa, Brian, Crystal, Hilary, and Edison. 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 civilian labor force but still part of the adult population, or "Not in the adult population" if not in the civilian adult population Person Tim is a 74-year-old professor. He teaches only one or two courses a year, but he's still pursuing an active research agenda. Alyssa is a 26-year-old recent college graduate. She did not work for pay last week, but she had two job interviews. Brian is a 44-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. Hilary is a 26-year-old who lost her job as a copy editor 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. Edison 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. StatusExplanation / Answer
a.The professor is not in the labor force as he is teaching part time and not in thw wroking age population.
b. She is in the labor force as she is looking for the job.
c Not in the labor force as he is not looking for job.
d. In the labor force, still looking for job.
e. Not in the labor force. He is neither employed nor looking for job.
f. Not in the labor force. Part time workers are not counted in the labor force.
Labor force participation rate =labor force/total adult population
c. In the above 6 people,2 are in labor force 4 are in not labor force
Labor force participation rate =4/6=66.7%