1. Measuring employment, unemployment, and labor force participation Consider a tiny hypothetical economy composed entirely of the following people: Tim, Alyssa, Brian, Crystal, Hilary, and Edison. Each person's employment status is given 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 Status Tim is a 20-yearold professional tennis player. When he's not competing, he works as a V coach at a local tennis club. Alyssa is a 46-year-old Steelworker who was just laid off by her employer v . She is trying to find any kind ofjob to help make ends meet. Brian is a 33-year-old graphic designer who is taking 2 years off from work to care for his V young child. 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 17yearold who just graduated from high school. He is taking it easy this summer, relaxing by the pool with his friends and family, and volunteering parttime at the local nursing home. Crystal is a 13-year-old student at Moutain River Middle School. She babysits her younger siblings and does other chores, so her parents give her an allowance of $20 per week. Complete the right half of the following equation to reect the labor force participation rate reported by the BLS. Labor Force Participation Rate = V According to this formula, what is the labor force participation rate of this economy of six people? O 20% O 60% O 66.67% 0 200% Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS. Labor Force Participation Rate = V 100 X Number of Unemployed Workers According to this formula, what is t Labor Far\" fthis economy of six people? 100 x \""'"\";::::;:7::::\"*m : 20% 100 x W 60% O 66 67/ 100 x W I D O 200% Complete the right half of the following equation to reect the unemployment rate reported by the BLS. Unemployment Rate = Y According to this formula, what is the unemployment rate of this economy of six people? C) 20% O 60% O 66.67% C) 200% Complete the right half of the following equation to reflect the unemployment rate reported by the BLS. Unemployment Rate = 100 X Number in Labor Force According to this formula Number of Employed Workers of this economy of six people? 100 x Number of Unemployed Workers Labor Force O 20% 100 X Number of Employed Workers Adult Population O 60% 100 x Number in Labor Force Adult Population 66.67% O 200%