1. Measuring employment, unemployment, and labor force participation

Consider a small economy composed of six people: Kevin, Maria, Rajiv, Simone, Ana, and Yakov. 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 Kevin is a 24-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. Maria is a 40-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. Rajiv is a 75-year-old retired professor. He enjoys volunteering at the local public library. Ana 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. Yakov 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. Simone is a 12-year-old student at East Valley Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $25 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 = 100 x Number in Labor Force Adult Population According to this formula, what is the labor force participation rate of this economy of six people? 33.33% 40% 50% O 60% Complete the right half of the following equation to reflect the unemployment rate reported by the BLS. Unemployment Rate 100 x Number of Unemployed Workers Labor Force According to this formula, what is the unemployment rate of this economy of six people? 33.33% O 40% O 50% 60%