4. Measuring employment, unemployment, and labor force participation

Consider a small economy composed of six people: Raphael, Susan, Alex, Becky, Eileen, and Clancy. 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" but still part of the civilian noninstitutional population, or "Not in the civilian noninstitutional population" if not in the civilian noninstitutional population.

Person	Status
Raphael is a 25-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club.
Susan is a 31-year-old professional basketball player. She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position.
Alex is a 77-year-old retired professor. He enjoys volunteering at the local public library.
Eileen is a 31-year-old science teacher who taught at West Valley Middle School last year. Due to budget cuts, she was laid off at the end of the school year. It's the summer now, and after a few weeks of vacation with her family, she is looking for a part-time job as a tutor.
Clancy is a 20-year-old American studies major at the University of Tennessee. It's summer now, and he is working as a lifeguard in Mobile, Alabama.
Becky is a 10-year-old student at West Valley Middle School. She babysits 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.

LaborForceParticipationRateLaborForceParticipationRate

==

According to this formula, what is the labor force participation rate of this economy of six people?

40%

50%

80%

100%

Complete the right half of the following equation to reflect the unemployment rate reported by the BLS.

UnemploymentRateUnemploymentRate

==

According to this formula, what is the unemployment rate of this economy of six people?

40%

50%

80%

100%