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1. Measuring employment, unemployment, and tabor force participation Consider a tiny hypothetical economy camposed entirely of the following people: Rajiv, Simone, Yakov, Ana, Dina, and

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1. Measuring employment, unemployment, and tabor force participation Consider a tiny hypothetical economy camposed entirely of the following people: Rajiv, Simone, Yakov, Ana, Dina, and Charles. Each person's employment status is given in the following table. Based on the criteria used by the Buresu 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 populabion" if not in the civilian adult populabion. Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS. LaborForceParticipationRate=100AdultAypalationNamberinLakorFanxe According to this formula, what is the labor force participation rate of this economy of six people? 20%60%66.67%200% Complete the right half of the following equation to reflect the unemployment rate reported by the BLS. UnemploymentRate=100AdillPophlationNumberofEmployndWorkers According to this formula, what is the unemployment rate of this economy of six people? 20%60%66.67%200%

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