Question

Person Status

Manuel is a 41-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. Poornima is a 23-year-old recent college graduate . She did not work for pay last week, but she had two job interviews.
Shen is a 29-year-old retired professor. He enjoys volunteering at the local public library.
Caroline is a 29-year-old who lost her job as an associate producer for a radio station. After spending a few weeks out of work and interviewing for several other positions, she gave up on her job search and decided to go back to grad school. She made that decision a few months ago
Antonio is a famous novelist. He is spending the summer at his lake house in upstate New York, doing a little writing each day but mostly spending his time gardening and reading.
Valerie is a 11-year-old student at West Valley Middle School. She baby-sits her younger sister and does other chores for which her parents give her an allowance of $20 per week.
Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS. Labor Force Participation Rate =________
According to this formula, what is the labor force participation rate of this economy of six people?
a. 33.33%
b. 40%
c. 50%
d. 60%
Complete the right half of the following equation to reflect the unemployment rate reported by the BLS. Unemployment Rate = _______
According to this formula, what is the unemployment rate of this economy of six people?
a. 33.33%
b. 50%
c. 40%
d. 60%

Answer 1

a. Manuel is Employed.

Manuel has a part time job and this is considered employment.

b. Poornima is Unemployed.

Poornima is not employed but is looking for work which is why she had two job interviews. This classifies her as unemployed.

c. Shen is Not in the Labor Force.

Shen is retired so is not in the labor force.

d. Caroline is Not in the Labor Force

Caroline gave up on looking for work so is not in the labor force as well as you have to be either employed or searching for work to be in the labor force.

e. Antonio is Employed.

Antonio is employed as a novelist and he is still active as he writes every day.

e. Valarie is Not in the Adult/ Working age population

Valaries is too young to be in the workforce.

2. Labor Force Participation Rate = Number in labor force / Working age population * 100%

= 3/ 5 * 100%

= 60%

3. Unemployment rate = Number of unemployed people / Number in labor force * 100%

= 1 / 3 * 100%

= 33.33%